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BIFR asks ABCL to sort out all issues with Prasar Bharti

29-November-2001
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BIFR asks ABCL to sort out all issues with Prasar Bharti

Board for Industrial and Financial Reconstruction has directed Amitabh Bachhan Corporation to sort out all outstanding issues with Prasar Bharti, Bahubali Electronics, UTV and other unsecured creditors.

A two-member BIFR bench comprising its chairman P P Chauhan and member T R Sridharan, said IDBI, the operating agency, would amend the draft rehabilitation scheme in the light of the settlment arrived at by the company with various agencies.

The Board said any liability, which was not settled would be provided for payment in the Draft Rehabilitation Scheme.

The Bench had declared the company sick in July, 1999 and appointed IDBI as its operating agency. The bench said it would consider sanctioning the scheme on file on receipt of IDBI's report.

ABCL, renamed as AB Corp, had been referred to BIFR with accumulated losses of Rs 70.82 crore wiping out its networth of Rs 60.52 crore.

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