By ruzik_tuzik on 2007-02-24 
The media had reports that IFCI Limited has sold off Malvika Steels (MSL), a stressed asset of the company.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
IFCI Limited has vide its letter inter-alia stated, "IFCI has filed a recovery suit in DRT, Delhi, which has issued a 'sale proclamation'. Accordingly, sale notice was issued to the newspapers in November, 2006. However, the sale of land and assets has not yet materialised." -- www.nseindia.com
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Comments
#1 Malvika Steel Deal by IFCI
As per the earlier news it is understood that employee dues is only 13-14 Lacs but actual it is much more so pl. advice where to contact for dues detail list and incase my name is not than to whom to contact.
#2 Fraud by promoter
As you all are aware that due to liberisation policy private sector has been allowed to install the steel plant.Malvika steel is one of them who played with the policy.
3000 Crore plant with the money of public ,Banks and Financial institution came into stand still position which directly added the burden of Non performing asset to the nation.
FI sold the pland to clear their book of account,Promoter made the money during the project stage ,Share holder forget their money(Donation to promoter for bed cause).
Promoter is enjoying after all this mess as he has made lot in property and now running the Rai Institue.
The real sufferer is the employee who were there for their bread and butter.No body talks about the dues of employee which is the money for there future.
This is real example of team work of Industrialist,Bureaucrates and politician.Well keep it up as INDIA is the heaven for you people.
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