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Soma Textiles & Industries becomes "Potentially Sick Company"

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Capital Market

Under provisions of section 23 of SICA Act, 1985

Soma Textiles & Industries announced that, as per the provisions of section 23 of SICA Act, 1985, the Accumulated Losses of the Company as at 31 March 2014, have resulted in erosion of more than 50% of its peak net worth during the four financial years immediately preceding the financial year ended on 31 March 2014.

Consequent upon, Company has become a "Potentially Sick Company" under the said provision.

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First Published: May 30 2014 | 4:33 PM IST

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