The board has also approved redemption of 70,000 cumulative optionally convertible redeemable preference shares (COCRPS) of Rs 100 each which had earlier been issued to Industrial Development Bank of India, and were due for redemption in 2 equal lots on 31 March 2008 and 31 March 2009 in accordance with the order of Hon'ble Board for Industrial and Financial Reconstruction dated 10 April 2006 whereby the rehabilitation scheme was sanctioned by the Hon'ble BIFR.

This was decided at the board meeting held on 17 August 2009.