DPC to boycott Singapore meet

MUMBAI, NOV. 7. As an immediate aftermath to the IDBI-led financial institutions' action of filing a suit against Enron's Dabhol Power Company (DPC), the energy major has decided to boycott the two-day lenders' meet to be held in Singapore starting tomorrow.

``DPC will not attend the Singapore meet following the legal course preferred by IFIS, which has put in jeopardy the negotiation meetings convened by them,'' the DPC Managing Director, Mr. K. Wade Cline, said here today.

Meanwhile, the DPC today assured the Bombay High Court that it will not take any steps until November 9 pursuant to the preliminary termination notices and asset-transfer notice served on the Maharashtra State Electricity Board (MSEB) this year. The assurance was given by the DPC counsel, Mr. Janak Dwarkadas.

Mr. Justice J. A. Patil placed the statement of DPC's counsel on record and adjourned the matter to November 9 as the respondents sought time to argue. The notice of motion will now come up for hearing before Mr. Justice D. G. Deshmukh.

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Section  : National
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