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Journalism of Courage
HLL scrip at all-time high
MUMBAI: The Bombay Stock Exchange BSE today added another 25 scrips to the newly formed quot;Zquot; category of companies that failed to comply with the exchange8217;s listing agreement. According to a BSE release, 25 scrips were added to the existing list of 75 errant companies announced over the last three days.
BIFR to wind up PNFCL
NEW DELHI: The Board forIndustrial and Financial Reconstruction BIFR has formed a prima facie opinion to wind up the state-owned Punjab National Fertilisers and Chemicals Limited PNFCL with no party showing any interest in rehabilitating the sick company.
In a recent hearing, the board noted that the company was with BIFR since 1987 and the scheme sanctioned for its rehabilitation had failed. The sole dependence of the company on subsidy for its survival indicated that there were hardly any prospects for the company. Even the advertisements issued for change of management and IDBI8217;s operating agency personal contacts with parties considered capable to take over the sick company, had not elicited any suitable response.
Further, the company8217;s CEO and no one from Punjab State Industrial Development Corporation or the government of Punjab were present at the crucial hearing indicated that no one was interested in revival, the board noted. On the other side, the company8217;s assets were dwindling without any concrete funding plansand proposal for revival.
