On the direction of the Board for Industrial and Financial Reconstruction (BIFR), IFCI has sought offers for takeover or leasing or amalgamation or merger for rehabilitating the sick company with or without one time settlement of the dues of banks and other financial institutions.

The IFCI, which is the operating agency in this case, would prepare a draft rehabilitation scheme and then submit a report to the board by July-end after evaluating the relative merits of the offers in a joint meeting.In case, the present promoters also submit a revival proposal, they would deposit 10 per cent of the scheme with the oa in a no-lien interest bearing account.

The operating agency would also get the valuation of the assets of the company by mid-July and submit a report to the board immediately thereafter.