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BIFR declares 156 sick textile units

22
May '07
This was stated by the Minister of State for Textiles, Shri E.V.K.S. Elangovan in a reply to a question by Shri Ramdas Athawale in the Lok Sabha. He further stated that the Government has no separate funding scheme for streamlining/ modernization of sick textile mills.

However, Government have taken a number of steps for revival of sick industrial units which, inter-alia, include guidelines of the Reserve Bank of India (RBI) to banks, amalgamation of sick units with healthy units, setting up of BIFR under the Sick Industrial Companies (Social Provisions) Act, etc.

The RBI has been issuing from time to time elaborate guidelines covering all areas of industrial rehabilitation viz. detection of industrial sickness at incipient stage, identification of sick/weak units, carrying out viability study of the units, then extending relief and concessions to only viable units, co-ordination among banks and financial institutions and banks themselves, norms for promoters' contribution, extended period for repayment/rescheduling of loans, conversions and waivers of penal rate/compound interest etc.

BIFR has been set up with a view to arranging the timely detection of sick and potentially sick companies and for the speedy determination of preventive, ameliorative and remedial measures, which need to be taken in respect of such companies.

It appoints operating agencies for preparation of rehabilitation proposals in respect of potentially viable units. Ittakes decision on rehabilitation on the basis of its findings.

Click here for the information with Board of Industrial Financial Reconstruction (BIFR), 156 textile units have been declared sick till on 31.10.2006.

Press Information Bureau Government of India


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