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Court orders winding up of Dunlop tyre

Source : IANS
Last Updated: Thu, Jan 31, 2013 17:20 hrs

Kolkata, Jan 31 (IANS) The Calcutta High Court Thursday ordered winding up of beleaguered tyre maker Dunlop India Limited (DIL).

Ordering the winding up of the tyre company, Justice Sanjib Banerjee directed the official liquidator to take possession of the company's assets and books of records.

E.V. Mathai and Company and A.K. Kundu and Company, followed by 15 other creditors, had moved a winding up petition before the court, seeking liquidation of the company in 2008 for non-payment of dues amounting to around Rs.1,000 crore.

Reacting to the development, Dunlop authorities said: "We are yet to receive the court order. We will decide on the next course of action after getting our counsel's advice on the issue."

The tyre maker was taken over by the Ruia group, led by Pawan Kumar Ruia, in 2005 and two years later the firm emerged out of the purview of the Board for Industrial & Financial Reconstruction (BIFR).

Operations at the company's Sahagunj unit in West Bengal's Hooghly district had remained suspended from October 2011, despite several tripartite meetings among the representatives of the company, unions and the government.

Company's Ambattur plant in Tamil Nadu was also closed February last year over labour disputes.




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