The company informed the BSE that its promoters, Tata Industries, have offered to convert their inter corporate deposits of Rs 15.8 crore into equity and quasi equity, upon receiving appropriate regulatory and shareholders approval to support a one-time settlement with its secured creditors, IDBI. The company also submitted a revised rehabilitation package to IDBI on Aug 3. Subsequently on August 22 the company filed an appeal before the Appelate Authority for Industrial and Financial Reconstruction (AAIFR) against BIFR's order. A stay had been granted by AAIFR until the disposal of the appeal.