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Thursday, Nov 21, 2002

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Pennar Steels to be referred to BIFR

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HYDERABAD: The board of directors of Pennar Steels Ltd (PSL), the Hyderabad-based company, has informed the stock exchanges that its entire net worth got eroded, thus attracting the provisions of Sick Industrial Companies (Special Provisions) Act, 1985. Accordingly, the PSL board has decided to refer it to the Board for Industrial & Financial Reconstruction (BIFR).

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