Millennium Beer files rehabilitation scheme with BIFR

Millennium Beer Industries Ltd has announced that the Company has filed a rehabilitation scheme with the Hon'ble Board for Industrial and Financial Reconstruction (BIFR) under section 17(2) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA, 1985) in terms of the order dated July 13, 2006 of the Hon'ble BIFR, inter alia, declaring the Company as a sick industrial unit.

Thereafter, the Hon'ble BIFR has, vide order dated October 06, 2006, without giving an opportunity of being heard, appointed an Operating Agency under section 17(3) of SICA, 1985 to examine the rehabilitation scheme submitted by the Company and aggrieved by the order dated October 06, 2006 of the Hon'ble BIFR, the Company filed an appeal before the Hon'ble Appellate Authority for Industrial and Financial Reconstruction (AAIFR) to set aside the order dated October 06, 2006 and to direct the Hon'ble BIFR to circulate the rehabilitation scheme for the purpose of sanction. In the meantime, the Company convened joint meeting of all concerned on November 20, 2006 to consider and discuss the rehabilitation scheme. The outcome of the joint meeting along with revised rehabilitation scheme prepared in accordance with the concurrence of all concerned has also been submitted before the Hon'ble AAIFR.

The Hon'ble AAIFR has, vide order dated December 04, 2006, allowed the appeal and next date of hearing is fixed for January 15, 2007.

Source : Equity Bulls

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