| REI Agro announced that as per the audited financial statements of the Company for the period ended 31 December 2014, accumulated loss has eroded more than 100% of the net worth of the Company and in accordance to provisions contained under section 3(1) (o) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA), the Company has become sick industrial company.
Therefore in terms of the provisions of section 15(1) of SICA, on 28 April 2015, has filed References with the Board for Industrial and Financial Reconstruction (BIFR) reporting sickness and erosion of net worth of the Company on the basis of the audited accounts of the Company as at and for the period ended 31 December 2014 and requesting / determination of measures to be adopted with respect to the Company. |