Spic finally admits it's a sick company

 In a notice to shareholders for a general meeting, the management of SPIC has said, On account of accumulated losses, there has been a significant reduction in the net worth of the company, which stands at Rs 10.93 crore as of March 31, 2003, compared with the peak net worth of Rs 653 crore in 1999-2000, mainly on account of a write off of Rs 222.01 crore during the financial year 2002-03.