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| Exchange Disseminated Time | Alps Industries Ltd has informed BSE that the Net Worth of the Company as on March 31, 2010 as per Audited Accounts presented before the board has been eroded fully, hence as per definition under section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), the Company has become a Sick Industrial Company. In view of the opinion formed by Board of Directors in their Meeting held on May 29, 2010, the Company had filed a Reference with The Board of Industrial & Financial Restructuring (BIFR) under first proviso of section 15 and other applicable provisions of the SICA. The Board had registered the Company vide registration no. 3(A-4)/BC/2010 and case No. 32/2010 dated June 29, 2010. The necessary disclosure under the above clause was made on July 05, 2010.
After the hearings by the Hon'ble BIFR the sickness under section 3 (1)(o) of SICA has been declared vide their Order dated December 06, 2010 communicated to the Company recently. Hence now the Company has become Sick Industrial Company under section 3(1)(o) of SICA and necessary procedure as directed by the authority will be followed by the Company. |
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