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Gokak Textiles board okays reporting to BIFR
02 Jan '16
1 min read
The Board of Directors of the Mumbai based Gokak Textiles Limited has approved reporting to the Board of Industrial and Financial Reconstruction (BIFR).
“The accumulated losses of the company as at the end of the financial year 2014-15 ended on September 30, 2015, resulted in the erosion of more than 50 per cent of the company's peak net worth during the immediately preceding four financial years,” the company said in a filing to the BSE.
The board has also approved the convening of an extra-ordinary general meeting of the company “to be held on or prior to February 26, 2016, in accordance with the provisions of Section 23 of the Sick Industrial Companies (Special Provision) Act, 1985 and to take up such other matters in the meeting so convened as required under law.” (RKS)
Fibre2Fashion News Desk – India
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