The Mumbai based pharmaceutical major Sun Pharmaceutical Industries has given a last minute offer to take over Hindustan Antibiotics Ltd.(HAL), the BIFR referred public sector pharmaceutical company. Sun's offer, that was accepted after BIFR issued a winding up notice to HAL, is most likely to be considered by the Board after obtaining a consensus with government and the creditors, it is learnt.
Though the BIFR had already issued a winding up notice to Hindustan Antibiotics, as there were no suitable offers received during the private bidding early this year, Sun Pharma could submit its proposal with special permission from the Board.
The proposal is likely to be heard on December 18, when the Board is scheduled to conduct a hearing of the company management, creditors and the government in regard to the already served closure notice. According to informed sources, Sun's offer would also be presented at the hearing. The sources added that if the creditors and the government give their consent to the offer, the Board would most likely consider this proposal for prospective change of management in the company.
Though the offer details are yet be revealed, the informed sources said that the proposal seems to be acceptable to the operating agency (Industrial Development Bank of India) and the Board. However, Sun Pharma spokesperson in response to a query sent by Pharmabiz for more details of the offer said, "We have no comment on market conjecture."
Meanwhile, the employees of Hindustan Antibiotics have launched serious protests against the liquidation notice issued by the Board for Industrial and Financial Reconstruction (BIFR). The Employees Union, Hindustan Antibiotics Mazdur Sangh, as part of their agitation has been holding protest meetings at the main gate of the corporate office and at the factory complex of the company in Pune.
The BIFR had issued its order in August this year since the Board could not find ideal bidders to takeover the company in its privatization move, the company can be wound up within a stipulated time of three months, which ended on November 27.