Jk Synthetics Skips Dividend For Fifth Consecutive Year

The company, which delayed finalising its books of accounts for the 1995-96 fiscal, made the decision at a board meeting on October 29 as net losses doubled to Rs 40 crore by the close of the year. The annual general meeting of the company is scheduled for December 30.

The company also reported a sharp drop in net losses during the six-month period ended March 31 1996, compared to the corresponding period the year before. During the period, losses plunged from Rs 16.6 crore in the six months to March 31 1995 to Rs 35.7 crore in the same period ended March 31 1996, indicating a steady deterioration in the health of the company.

 

Sources said the company is already reeling under a massive debt burden of over Rs 700 crore and mounting losses registered each year could make the company a strong case for the BIFR as its net worth gets eroded gradually. The paid-up equity share capital (net of calls in arrears) stood at Rs 74.3 crore for the year ended March 31 1996.