Engineering firm TRF Ltd today said it has approached Board for Industry and Financial Reconstruction (BIFR) after accumulated losses exceeded its net worth.
"The Company has filed a Reference in terms of sub-section (1) of Section 15 of Sick Industrial Companies (Special Provisions) Act 1985 to BIFR for determination of the measures on November 20 2015," TRF Ltd said in BSE filing
The Act provides that when an company has become a sick industrial company, it makes a reference to the Board for determination of the measures which shall be adopted with respect to the company.
Earlier the company had informed that its accumulated losses at the end of the financial year ended on March 31, 2015, exceeded its net worth.
"... Further to letter dated August 14, 2015 of even number informing that the accumulated losses of the company as at the end of the financial year ended March 31, 2015 exceeds its entire networth. And that the Company will take necessary steps to comply with the legal requirements," the company said in the statement.
TRF Ltd is into engineering and supply of material handling equipment and systems for five decades.
