More Cos May Face Action
Sicoms decision to offload 1.1 million shares of SOL Pharma is expected to be just the beginning of a series of such action against defaulting companies as the financial year end approaches.
Sicom sources said the company, in which the Maharashtra government is the biggest shareholder, with 49 per cent stake, is hoping to drastically cut down on its non-performing assets (NPA) to prop up its balance sheet.
Sicoms NPA at the end of the third quarter stood barely above 15 per cent, which is around the same level that it stood at the end of 1996-97.
The attempts by Sicom to cut down NPA are reportedly also prompted by suggestions from its board, including the Unit Trust of India.