KOLKATA, India (March 27, 2012)—An Indian High Court has appointed an official to manage the liquidation of Dunlop India Ltd., the Kolkata-based tire maker that's operated sporadically the past several years.
A stock exchange announcement from Dunlop India said the company's attorneys had been notified the Calcutta High Court on March 26 ordered the appointment of an official liquidator.
Dunlop India, at one time part of the global Dunlop Group, has been under the control of India's Ruia Group since 2005. The company's plants in Ambattur and Sahaganj have been idled several times since then.
The firm's financial results for the nine months ended Dec. 31 show a net loss of $171,300 on sales of $3.9 million. The revenue figure is down roughly 90 percent from the fiscal 2010 period.
Ruia Group is a multinational industrial conglomerate headed by Pawan K. Ruia with holdings in the tire and rubber and heavy engineering sectors. Among its holdings in the tire sector are Falcon Tyre Ltd. and Monotana Tyres Ltd.