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| Exchange Disseminated Time 14/10/2016 17:35:33 | Alok Industries Ltd has informed BSE that the Board of Directors of the Company has accorded their approval, through a Circular Resolution on October 14, 2016, subject to the approval of members of the company through postal ballot, a Report explaining the reasons of erosion of more than 50% of the peak net worth of the Company as per the Audited Financial Results of the Company for the year ended March 31, 2016, as required under Section 23 of the Sick Industrial Companies (Special Provisions) Act, 1985, (“SICA”).
The Board also decided to obtain members' approval for making a reference to the Board of Industrial and Financial Reconstruction ("BIFR") of the above mentioned erosion of more than 50% of its peak net worth, through Postal Ballot on November 19, 2016 (Declaration of Postal Ballot Results). Further, the Board has also approved the Postal Ballot notice to be sent to all Members of the Company.
In this regard the Board has appointed Mr. Virendra G. Bhatt, Practising Company Secretary as Scrutinizer for conducting the postal ballot and e-voting process in a fair and transparent manner. |
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