PRAKASH INDUSTRIES LTD: ON THE ROUTE TO DISASTER
Article Abstract:
Prakash Industries Ltd, a producer of PVC pipes, picture tubes and sponge iron, is facing a number of winding up petitions in the High Court of Punjab and Haryana which have been filed by companies like Escorts Finance, Bajaj Auto Finance, IndusInd Enterprise and Videocon International Leasing among others. The company had taken leased assets from 72 non-banking financial companies and has defaulted on payment to most of them. The company has used non-convertible debentures worth Rs61.74 crore and fixed deposits of Rs22.40 crore to meet its working capital requirements as of March 1997. It declared a net loss of Rs320 crore on a turnover of Rs759 crore in 1997-98. Its entire net worth of about Rs80 crore has been completely eroded and it has now been referred to the Board for Industrial and Financial Reconstruction. (khr)
Comment:
Prakash Industries Ltd, a producer of PVC pipes, picture tubes and sponge iron, is facing a number of winding up petitions in the High Court of Punjab and Haryana which have been filed by companies like Escorts Finance, Bajaj Auto Finance, IndusInd Enterprise and Videocon International Leasing among others.
Publication Name: Dalal Street Journal
Subject: Business, international
ISSN:
Year: 1998
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INDIA'S MOVE TO IMPORT SOFT OILS MAY HIT GLOBAL PALMOLEIN PRICES
Article Abstract:
The Government of India's decision to permit the State Trading Corporation (STC) to import edible oils such as soyabean and sunflower oil, is expected to lower the international prices of palmolein. The government has directed STC to procure 52,000 tonnes of palmolein from the international market before the end of October 1998. STC has been permitted to import 1.5 lakh tonnes of palmolein by August 1998. The government's move is aimed at compensating for the shortage of edible oil in India. The shortage is due to a ban on the use of mustard oil. (ag)
Comment:
India: Govt's permit for State Trading Corp. to import soyabean & sunflower oil will lower intnl prices of palmolein
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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