New Delhi, April 21: Maestro Motors Ltd, formerly known as Sipani Automobiles Ltd and makers of the country's first three-wheeler car Baadal, is now facing closure with the Board for Industrial and Financial Reconstruction (BIFR) stating that its wind-up would be considered if no workable rehabilitation scheme emerges by May 31.The board has directed Industrial Development Bank of India, the operating agency (OA) of Maestro Motors to submit a final report on the company along with the rehabilitation scheme by May 31. If no viable alternative is found, the board would consider issuance of a wind-up notice to the company.
It also suggested exploring change of management and other measures for reviving the company. The board, at a recent hearing in Bangalore, had directed the company to disclose to IDBI complete details of Sipani's outstanding dues as on February 29, 2000 as also the projected dues as on March 31, 2000 to secured and unsecured creditors, depositors and workers, besides its statutory and contingent liabilities.
The bench, comprising members NP Bagchi and NP Singh, further stated that the OA can assume the figures communicated to it by respective authorities as "correct" in case the company fails to submit the details.
It further stated that the existing promoters may propose induction of a resourceful co-promoter and satisfy the oa about their sources of funds.
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