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The Sirpur Paper Mills Limited has been admitted by the Board of Industrial and Financial Reconstruction following a reference made by the company as its net worth had eroded.
In a regulatory filing made with the BSE, the Hyderabad-based paper company, with its factory located in Adilabad district of Telangana, has received a communication from BIFR intimating that the reference made by the company has been registered as a case.
In September 2014, the company had informed the Stock Exchanges that the Board of Directors in its meeting held on September 29, 2014, after taking the company annual accounts which were later adopted at the 75th annual general meeting (AGM), had concluded that the entire net worth of the company has been eroded.
Thereafter it decided to refer the matter under the Sick Industrial Companies (Special Provisions) Act, 1985, (SICA) provisions. Accordingly, as per the norms, it had communicated about the financial situation and referred the matter to BIFR for determination of measures to be adopted by the company. The company had filed the application in November 2014.
Last fiscal ended March 31, 2014, the company had closed with revenue of Rs 423 crore and loss of Rs 90 crore.
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