KC Wazir, daughter of Dunlop's Dubai-based promoter Manu Chhabria, also apprised Basu about the management's intentions of reopening the units. Finance minister Asim Dasgupta and industrial reconstruction minister Mrinal Banerjee were present during the discussions.

It is understood that Wazir has responded to the state government's allegation of financial mismanagement by Dunlop top brass.

The company said in a press release that the management "dispelled the misgivings about the sale of properties and informed the Chief Minister that it was a wrong notion that any non performing assets had been sold by the company and money siphoned out".

Dunlop said the management team has assured the chief minister that it will not shirk its financial commitments and will also repayits creditors. However, it needs a deferment of payment for some time till it gets back on the rails.

The release says that in addition to the promoter's immediate infusion of Rs 26 crore, it will need standard concessions from the state government like sales tax benefits, power charges at concessional rates and conversion of sales tax arrears.

The revival plan has proposed the formation of an asset sale committee having nominees of financial institutions, Board for Industrial & Financial Reconstruction and representative of the management and banks, if necessary.

The Dunlop management is planning to meet all the other parties like the representatives of the unions, banks and FIs, so that the revival scheme now before the BIFR gets their concurrence.

Dunlop union circles are abuzz with rumours that the state government will be convening in a tripartite meeting with the unions and the Dunlop management, shortly.

Meanwhile, Justice AN Ray of the Calcutta high court today adjourned the hearing onDunlop India Ltd's case to August 2. Dunlop had appealed against a March 12 order passed by the Appellate Authority for Industrial & Financial Reconstruction.

The adjournment was granted on a prayer moved by the counsel of Dunlop's main bankers, United Bank of India.

This adjournment leaves the focus on UBI's special leave petition before the Supreme Court, which is scheduled for hearing on July 27, 1999.

In 1998, UBI filed an SLP before the Supreme Court praying for stay against Dunlop's attempts to sell its assets. Stay was granted by Justices BN Kripal and S Rajendra Babu.

Apart from restraining Dunlop management from disposing any assets, at the last hearing before the Supreme Court on May 10 this year, Justices Kripal and Rajendra Babu, also directed that: "...further direct that respondent No. 1 [Dunlop India Ltd] shall not incur any debt and shall not disburse any money except for the payment of statutory dues, payment to the insurance companies and payment to the workers and to the securityguards for preserving the assets of the company".