MCFL closure

NEW DELHI, JANUARY 9: The Board for Industrial and Financial Reconstruction (BIFR) has directed the winding up of sick industrial unit, Mangalore Chemicals and Fertilizers Ltd (MCFL), in the absence of any rehabilitation proposal.

The two-member bench headed by chairman P P Chauhan said the company was not likely to be viable on a long-term basis and "it was just, equitable and in public interest" that the company be wound up. The bench has confirmed its prima facie opinion that the company was not likely to make its networth exceed the accumulated losses after meeting all its financial obligations.

It said MCFL had not submitted any rehabilitation proposal with "its means of finance fully tied up", though ample opportunities had been given by the bench to the promoters, company and workers union through advertisements.