Hind Salt Order Reserved

Board for Industrial & Financial Reconstruction (BIFR) has reserved its order for declaring Hindustan Salt Ltd (HSL) as a sick company under the provisions of Sica and suggested government to appoint a consultant to revive HSL.

The company's net worth of Rs 5.54 crore was wiped out by accumulated losses of Rs 7.09 crore as on March 31, 1999, and the company was referred to the board in December 1999.

A two-member bench of BIFR comprising T R Sridharan and N R Banerji said that the company has not taken any steps to prepare a revival plan and stated that "the department of heavy industry should consider appointing a consultant immediately to examine the future viability of the company." However, department of heavy industry director Preetam Singh told BIFR that government would take a decision on the revival of HSL only after ascertaining the extent of sacrifices to be made to make the company viable.