The company posted a profit before tax of Rs 8.91 crore in 1996-97 against a loss of Rs 93.27 lakh in the previous accounting period to September 30, 1996. The turnover of Rossell Industries increased to Rs 93.96 crore to December 31, 1997, against Rs 75.05 crore for the period to September30,1996.At the extraordinary general meeting held on August 20, 1997, shareholders had approved the transfer of the company's non-tea businesses like paging, exploration of coal-bed methane gas to two of its subsidiaries. This included investments, loans and advances of Rs 30 crore.

At the EGM, the company had resolved to issue one equity share of Rs 10 each of the subsidiary to Rossell's shareholders for every two fully paid-up equity shares of Rs 10 each of Rossell held bythem. This was part of the restructuring plan of Rossell which included decreasing Rossell's stake in its paging outfit, Modi Korea Telecommunications Ltd. Executive vice-chairman Y K Modi told the shareholders at the 22nd annual general meeting of the company here on Thursday that the restructuring plan of the company has been approved by the IDBI.