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| IDPL plea
to sell IDBI shares to settle dues
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Praveen Chandran
11 May 2002 |
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Mumbai:
The Board of Industrial and Financial
Reconstruction (BIFR) has asked Industrial Development Bank of
India (IDBI) to examine the plea of Indian Drugs and
Pharmaceuticals Ltd (IDPL) to grant permission for selling its
shares to settle around Rs 40 crore dues to Andhra Pradesh Gas
Power Corporation (APGPC) and Andhra Power Transmission
Corporation (APTC).
 IDPL
had approached BIFR with a proposal to settle the dues to the
state-owned power distributors through the sale of shares
corresponding to 2.88-mw worth of power purchased by the company
earlier.
IDBI has been directed to examine the request of IDPL in
consultation with all concerned authorities and submit its
recommendations within a stipulated time. IDBI is the operating
agency for the financial restructuring of IDPL. IDBI sources say
the financial institution will fix the sale price in consultation
with IDPL, APGPC, APTC and the Securities and Exchange Board of
India soon.
IDPL, vide its letter dated 15 February 2002, had reiterated its
request for grant of permission under section 22-A of the Sick
Industries Act for selling the shares to the power suppliers to
pay the arrears as on date due to APGPC and APTC amounting to Rs 8
crore and Rs 31.25 crore, respectively.
The company has informed BIFR that the power distributors are
threatening to initiate coercive action against it for the
recovery of dues. BIFR was also informed that APGPC is
contemplating disconnection of power.
IDBI sources, meanwhile, say the Hyderabad-based Natco Pharma Ltd
(NPL) has obtained a financial restructuring package from IDBI,
allowing the company to postpone its debt payment by two more
years from October 2001 to 2003, and convert its interest
outstanding into 12-per cent cumulative redeemable preference
shares to the tune of Rs 5.5 crore.
NPL
has sought the shareholders approval for the issue of the
preference shares to IDBI through an extraordinary general meeting
scheduled on 20 April 2002. The company now proposes to approach
the other financial institutions and banks for a similar package.
It has an outstanding loan component of about Rs 28 crore, the
sources say.
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