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Jamshedpur: The Board for Industrial & Financial Reconstruction (BIFR) on Thursday asked State Bank of India, the operating agency for the sick Incab Industries Ltd, to study the three bidders’ revival packages and to evaluate and submit the draft revival scheme (DRS) with the board within the next three weeks.
It has also instructed Tata Steel, which is one of the three bidders, to deposit its promoter’s contribution of Rs 25 crore into an escrow account.
The other two bidders, both Mumbai-based companies, R R Kabel and Pegasus Asset Reconstruction, have already deposited the promoter’s contribution of Rs 25 crore.
The Supreme Court had on May 14, 2009 passed an interim order, after hearing separate special leave petitions (SLPs) filed by both Tata Steel and Pegasus Asset, saying that the BIFR may direct the bidders to deposit an amount to be decided by it which would be uniformly applicable to all the bidders.
As the other two parties had already deposited Rs 25 crore each as their promoter’s contribution, BIFR instructed Tata Steel to deposit the same amount.
“The operating agency will now evaluate the three revival packages, evaluate them and submit to the Board for Industrial & Financial Reconstruction in three weeks the DRS, which would be a comparative evaluation of the three bids with its remarks and comments,” said Incab Industries Employees’ Association (IIEA) president Rakeshwar Pandey, speaking to FE from Delhi.
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