Erodes networth as on 31 March 2015
Bharati Shipyard announced that the Company's Net Worth as on 31 March 2015 as per Audited Accounts presented before the Board has been eroded fully, hence as per definition under section 3(1)(0) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) the Company has become a Sick industrial Company. Therefore the Company had filed a Reference with The Board for Industrial & Financial Restructuring (BIFR) under first proviso of section 15 (1) and other applicable provisions of the SICA. Subsequently, the Company's reference has been permitted and registered by BIFR u/s 15(1) of SICA.Edelweiss ARC (Assets Restructuring Company), which has taken over major portion of the Debts of the Company from the Financing Banks, is assisting the Company in the revival by way of Restructuring and Additional Lending.
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