Pennar group co referred to BIFR

HYDERABAD, March 26: The Hyderabad-based Pennar Aluminium company Ltd (Palco) has been declared sick under the provisions of the Sick Indust...

• By: ENS Economic Bureau
• March 27, 1998 12:00 AM IST
1 min read

HYDERABAD, March 26: The Hyderabad-based Pennar Aluminium company Ltd (Palco) has been declared sick under the provisions of the Sick Industrial Companies Act and the board has referred the company to the Board for Industrial and Financial Reconstruction (BIFR).

Palco board, which met in the last week of February 1998, decided to refer the company to the BIFR following heavy losses to the tune of Rs 88.89 crore as on September 30, 1997.

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Since the company’s losses exceeded its net worth of Rs 71.21 crore, Palco is treated as a "sick industrial company" under the provisions of BIFR. According to sources, though it has referred the company to BIFR it has yet to file its proposal for revival.

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