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| Exchange Disseminated Time 12/11/2016 17:04:53 | Khaitan (India) Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 12, 2016, inter alia, has as follows :
1. Appointment of Mr. Sunay Krishna Khaitan as an Additional Director.
2. Appointment of Mr. Shiv Kumar Bajaj as an Additional Director.
3. As per audited Annual Accounts (as approved by the members in the Annual General Meeting dated September 28, 2016) the accumulated losses had exceeded the net worth of the Company as on March 31, 2016 and therefore the Company has become Sick Industrial Company in accordance with the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (the Act). Accordingly as per the provision of the Act, the Board has decided that an application will be submitted for reference to the Board for Industrial and Financial Reconstruction (BIFR). |
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