The Board of Industrial & Financial Restructuring (BIFR) has declared Alps Industries a Sick Industrial Company. The company had filed a reference with BIFR in June 2010.
"After the hearings by the Hon'ble BIFR the sickness under section 3(1)(o) of SICA has been declared vide their Order dated 06.12.2010 communicated to the company recently,"said a company announcement on the stock exchanges. Hence now the company has become Sick Industrial Company and necessary procedure as directed by the authority will be followed by the company, it added.
The company's net worth as on March 31, 2010 has been eroded fully and the board of directors in their meeting held on May 29, 2010 decided to file a reference with the BIFR.
On the National Stock Exchange (NSE), shares of Alps Industries lost nearly 10 per cent to trade at Rs 6.65 during the afternoon trading session.
