Empee Sugars registered with BIFR

The company has been facing various financial issues in the recent past

Empee Sugars & Chemicals Ltd, part of Empee Group, informed the market regulators that the company has been registered with Board for Industrial & Financial Reconstruction (BIFR). The Board of Directors of the company, May, 2014, has transacted approval to make the reference to the BIFR on the erosion of the net worth of the company.

According to an announcement with the Bombay Stock Exchange today, Empee Sugars said that the company has been registered as Case No 69/2014 on November 24, 2014.

It may be noted that the company has been facing pressures in the past and according to the Annual Report of the company for the year ending March, 2013, that it decided not to report to BIFR though the accumulated losses of the company exceeded the networth of the company, in view of the share application money of Rs 140.37 crore.