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Calcutta, Jan 14: Representatives of various bankers and financial institutions are likely to sort out their differences on the revival package for Metal Box (India) Ltd at a meeting on Friday. The Delhi high court hearing on the package is scheduled for January 21.
At the last meeting of the representatives held on November 27, 1998, there was no consensus since the foreign bankers preferred a settlement of their dues within six months from the date of sanctioning of the package while State Bank of India insisted that the company submit an exhaustive list of all its properties.
It is understood from sources that ANZ Grindlays Bank representative B Kundu pointed out that they were agreeable to SR Batliboi's valuation of the Worli property at Rs 43 crore. The other consultant, Housing Development Corp, had valued the property at Rs 65 crore. Initially the representatives of FIs and banks had been insisting on a higher valuation.
According to sources, Kundu had said they were agreeable to the Batliboi valuation provided the company cleared all its dues within six months from the date of clearance order from the Delhi high court. However, the present Rs 108-crore revival package does not have any provision for such a settlement.
At the meeting it was noted that Metal Box chairman and managing director V Krishna had submitted a list of properties owned by the company. But one of the two SBI representatives present at the meeting felt that it was not an exhaustive list.
At Friday's meeting it is expected that the representatives will get one last chance to reach a consensus before the hearing on January 21.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
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