Replying to their demands, Kothari said that resignation was the easiest way out for him but would do so after turning around the company as investors had put money basing their faith on him and the Kothari name.

He said talks are on with the financial institutions for restructuring its debt through rescheduling principal repayments and reducing the interest burden. The institutions, he said, were positive considering the clean track record of the company with regard to debt obligations. Things would get finalised in the next three to four months, he added.

He also said that the company was open to any restructuring of the business and was not expecting the financial institutions to bring inany funds. But, he added that it would not make any sense to separate sugar, distillery and co-generation due to their integration.

The company for the first quarter of 1998-99 has posted a loss of Rs 8.50 crore. Kothari said the company would end the year with a loss and the performance would hinge on how good the package from financial institution would be.