Bifr Asks Tasco To Hold Annual Meet

The Board for Industrial & Financial Reconstruction (BIFR) has directed the Tamil Nadu Sugar Corporation Ltd (Tasco) to hold its annual general meeting (AGM) and submit duly certified copies of the resolution to the bench.

Based on that the Board will pass orders on the sickness of the company. Tasco _ which has approached BIFR under the Sick Industrial Companies (Special Provisions) Act, 1985 (Sica) _ has not been declared sick by the two member bench comprising BIFR chairman P P Chauhan and member G Narayanan.

In its recent order the bench said, the company has approached BIFR on the basis of their accounts for the year ended March 31, 1999 without the accounts having been ratified by the AGM. The company will finalise its accounts at its AGM scheduled for May 29, 2000. According to the figures submitted to the Board, the company posted an accumulated loss of Rs 11.31 crore on its paid up capital of Rs 7.79 crore.