Under Sick Industrial Companies ActRohit Ferro Tech announced that a reference to the Board for Financial and Industrial Reconstruction (BIFR) as per provisions of Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 has been made on November 25, 2016 in terms of Resolution passed by Circulation on 24 November 2016.
The Company's net worth has been fully eroded as at the end of the financial year 2015-16 and hence the reference under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985 has been made.
The rehabilitation scheme will be prepared in consultation with the stakeholders. Once the scheme is prepared, submitted and approved by the BIFR, the Company would be able to advise the impact.
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