RAINBOW PAPERS LTD. - Forming of Opinion on sickness by Board of Directors of the Company under the provisions of SICA 1985
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| 03 Jun 2016 | |
| Rainbow Papers Ltd has informed BSE that in continuation of submission made on May 30, 2016, Board of Directors has approved audited annual accounts for the period ended on March 31, 2016 and as per the Audited Profit and Loss Account for the year from April 01, 2015 to March 31, 2016 for 12 months and Balance sheet for the year ended March 31, 2016 placed before the meeting of Board of Directors of the Company held on May 30, 2016 the accumulated losses have exceeded the Company's net worth and therefore the Company has become a Sick Industrial Company within the meaning of section 3(1)(o) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) and a reference under Section 15 of the said Act would be made to the Board for Industrial and Financial Reconstruction (BIFR) under prescribe Form A under Regulation 19(1) (m) of The Board for Industrial and Financial Reconstruction Regulations, 1987 for determination of the measures to be adopted with respect to the Company. | |
| View all announcements for RAINBOW PAPERS LTD. | Source: BSE India |
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