BIFR Issues Winding Up Notice To HAL

Pune, September 16: | Updated: Sep 17 2003, 05:30am hrs
The Board of Industrial and Financial Reconstruction (BIFR) has issued a notice for winding up Hindustan Antibiotics Ltd (HAL), the public sector drug manufacturing unit located at Pimpri near here.

The notice, dated September 5, was issued by BIFR after it came to the conclusion that its (HALs) revival is not possible in the long run, HAL sources said on Tuesday.

Several attempts to revive the sick unit, which employs nearly 2,000 people, had failed.

The notice said that there is no viable and agreed rehabilitation proposal with means of finance fully tied up for consideration before the Board.

No other party is available to take over the unit for rehabilitation and all possibilities of rehabilitating the company have been explored and exhausted, the BIFR said.

The HAL was established in 1954 with the idea of providing medicines at cheaper rate to the poor people. BIFR had declared bankruptcy in 1997. (PTI)