Household appliances maker Khaitan Electricals has approached the Board for Industrial and Financial Reconstruction (BIFR) to declare it as a sick industry as its accumulated losses had exceeded the net worth.
"The company has submitted an application for reference to the BIFR as the company has become a Sick Industrial Company pursuant to the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA)," Khaitan Electricals informed in a filing to BSE.
On May 28, 2016, Khaitan Electricals had informed that its accumulated losses had exceeded the net worth as on March 31, 2016 and therefore it has become a sick industrial company.
Besides, a winding up petition has also been filed against the company before the Hyderabad High Court by Network Carrying Company.
