Held on 30 May 2014
Shri Lakshmi Cotsyn announced that the Board of Directors of the Company at its meeting held on 30 May 2014, inter alia, have considered the following;Board has formed an opinion to make a reference to the Board for Industrial and Financial Reconstruction (BIFR) in accordance with the provisions of Sec 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985, as the Accumulated Losses have exceeded the Net Worth of the Company as per the Audited Financial Statements for the financial year ended on 31 March 2014.
Board reviewed the status of implementation of the CDR Package and noted that priority loan amounting to Rs.65.40 crore was not released as per stipulation mentioned in CDR package besides, TUF Subsidy amounting to Rs 165 Crores which was taken into consideration in Financial Projections in the year 2012-13 itself has not been released by Ministry of Textiles as yet.
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