Ntc Madhya Pradesh Gets One-Year Breather

The Board for Industrial & Financial Reconstruction (BIFR) has extended the protection to the ailing public sector National Textile Corporation (NTC) Madhya Pradesh (MP) Ltd under Sica, giving further lease of life for a period of one year. Considering a request of NTC (MP) Ltd, a two member bench comprising N P Singh and N P Bagchee said that the board considered it appropriate to continue the protection to the company under Section 22(3) of Sick Industrial Companies (Special Provisions) Act, 1985 (Sica) for a period of one year. However, giving extension for a period of one year- upto December 4, 2000- the bench said, the protection to the company under Section 22(3) of the Act is extended "except to the extent it relates to the payment of Employees contributions under the ESIC and EPF Acts by the company."