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Khaitan Electricals to be declared as a sick unit by BIFR

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Household appliances maker has approached the (BIFR) to declare it as a sick industry as its accumulated losses had exceeded the net worth.

Khaitan Electricals to be declared as a sick unit by BIFR
On May 28, 2016, Khaitan Electricals had informed that its accumulated losses had exceeded the net worth as on March 31, 2016 and therefore it has become a sick industrial company

According to a PTI report: “The company has submitted an application for reference to the BIFR as the company has become a Sick Industrial Company pursuant to the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA),” Khaitan Electricals informed in a filing to BSE.

On May 28, 2016, Khaitan Electricals had informed that its accumulated losses had exceeded the net worth as on March 31, 2016 and therefore it has become a sick industrial company.

Besides, a winding up petition has also been filed against the company before the Hyderabad High Court by Network Carrying Company.