Amtek Auto IRP seeks res­o­lu­tion plans

Mint ST - - THE BRIEFING -

Mum­bai: The in­terim res­o­lu­tion pro­fes­sional (IRP) in charge of Amtek Auto Ltd has called for ex­pres­sions of in­ter­est from po­ten­tial in­vestors to present a res­o­lu­tion plan un­der the in­sol­vency and bank­ruptcy code (IBC).

In a pub­lic ad­ver­tise­ment on Wed­nes­day, the auto parts maker said that cor­po­rates with a min­i­mum net worth of Rs1,000 crore at the group level as on 31 March and group rev­enue of Rs2,000 crore for the pre­ced­ing three years are el­i­gi­ble to ap­proach the IRP com­pany with a plan. Fi­nan­cial in­sti­tu­tions, in­clud­ing pri­vate eq­uity in­vestors with min­i­mum as­sets un­der man­age­ment (AUM) of Rs3,000 crore over the past five years as on 31 De­cem­ber 2016 are also el­i­gi­ble to ap­ply. PAGE 3

STILL A MESS

Ve­hi­cles ply on a wa­ter­logged road in Mum­bai on Wed­nes­day. At least 10 peo­ple are re­ported to have been killed in Tues­day’s rains in the city and its sub­urbs. The tor­ren­tial rain paral­ysed road, rail and air ser­vices which

be­gan limp­ing back to nor­mal.

POUR­ING MIS­ERY

The San­tacruz ob­ser­va­tory of the In­dia Me­te­o­ro­log­i­cal Depart­ment reg­is­tered 331.4 mm rain­fall on Tues­day, the

heav­i­est since the 26 July 2005 record of 944 mm. The weath­er­man has fore­cast “heavy to very heavy rain­fall” in

parts of Ma­ha­rash­tra over the next 24 hours.

BUSI­NESS HIT

Even as the rain re­ceded, con­sumers stayed away, caus­ing busi­ness to drop by over 50% in Masjid Bun­der, In­dia’s

largest whole­sale mar­ket in the heart of Mum­bai. “Busi­ness is down by over 50% as con­sumers are not

there,” said Tarun Jain, an oil dis­trib­u­tor.

PTI

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