Metal Box losses mount

MUMBAI, July 4: The cumulative losses of the ailing Metal Box India Ltd have mounted to Rs 111 crore up to September 30, 1997. It has also reported a turnover of Rs 14.6 crore for the 18-month period ended September 30, 1997. The loss before interest and depreciation for the 18-month fiscal 1996-97 amounted to Rs 5.57 crore, of which a loss of Rs 5.30 crore was reported in the 12-month period of 1996-97.

Barely 50 shareholders attended the company8217;s first annual general meeting in the capital after it shifted its headquarters to Delhi from Calcutta. The last AGM of the company was held 18 months back in Calcutta and it witnessed several unruly scenes and disruptions by the union leaders.

Company promoter Vinod Krishna said the banks and financial institutions will have to make pro-rata sacrifices after making realistic settlements to absorb the drop in value consequent to the revaluation of its Worli premises done by the operating agency ICICI.

Krishna claimed that there was no need for a newrehabilitation scheme as the present scheme could now be quickly implemented after bringing down the scheme cost from Rs 139 crore to Rs 100 crore. Several shareholders wanted that the promoters should transact the surpluses.