BIFR asks ICICI to invite bids for takeover of Southern Refin.

BIFR asks ICICI to invite bids for takeover of Southern Refin.
PRESS TRUST OF INDIA

NEW DELHI, JULY 23: A two-member bench, comprising members T R Sridharan and NR Banerji, declared the rehabilitation scheme of Southern Refineries Ltd as `failed' and directed ICICI, its operating agency, to invite bids for company's takeover or leasing or amalgamation or merger.

The bench has asked ICICI to evaluate and analyse the relative merits of the offers received in response to the bid offer, hold a joint meeting with creditors and submit its report to the board.

ICICI will also submit an interim status report on the position of offers received, the board said. BIFR has also directed Southern Refineries' promoters Notto dispose of any fixed or current assets of the company.

Stating that there was no possibility of revival of Southern Refineries as its promoters had expressed inability to bring in necessary funds by March 2002, ICICI recommended change of management to the board.

The board noted that the promoters had not brought in their envisaged contribution and the revised proposal was not acceptable to them.

The board directed company promoters to provide interested parties facilities for visiting the unit and information and data sought by them.