Precious Metals Soar; Edible Oils, Sugar Decline

The Board of Industrial and Financial Reconstruction (BIFR) has directed Punjab National Bank (PNB) to visit BRD Textiles Ltd's (BRDTL) factory and offices to examine its records relating to work shifts and to submit a comprehensive report to the bench.

PNB, which was appointed as the operating agency (OA) for BRDTL, had contested the firm's claim of working in three shifts, pointing out that the increase in production does not justify the claim.

BRDTL records show an increase in production of only 100 tonne in 1998 compared with the previous year.

BIFR, in its order on September 21, 1999, had directed managing director of BRDTL to be present on the appointed date and extend full co-operation to the OA to obtain required information.

In the event of non-co-operation from the company, OA is empowered to draw its own conclusions.

The board, however, rejected PNB's claims that BRD Textiles could not exempt the state government subsidy from being treated as part of reserves. eu