Faced with acute shortage of funds, the company has not been doing well, thus inviting widespread labour unrest by employees during the past few months. Employees held dharnas, protest rallies and made representations at all levels after the company failed to provide them salaries by the 20th of the month.

Gaekwad said during the meeting that the single agenda of the management was to revive the company and a capital (letter of credit) of 10 crore will be made available soon. While the Rayon plant will be revived first (as many as half of the employees work here), the nylon tyre cord unit, the nylon unit and the POY (polyester oriented yarn) units will follow, he added.

The CMD also added that as part of the restructuring plan, the company planned to sell off Non-Performing Assets (NPA) like excess land from which it is expected to collect about Rs 7 crore. He further added that talks of selling the POY plant to Mumbai-based Maskara were in the final stages and is expected to fetch Rs 22 crore.