BIFR-referred Hindustan Motors Ltd has posted net loss of Rs 11.25 crore during the first half of 2015-16. In 2014-15, it had recorded a net loss of Rs 41.90 crore. The accumulated loss of the company till March 31, 2015 stood at Rs 201.01 crore against its share capital capital of Rs 104.41 crore. It said the current liabilities exceed the current assets by Rs 73.66 crore.
The company declared suspension of work at it Uttarpara plant in West Bengal since May 24 last year and lay-off at its Pithampur plant in Madhya Pradesh from December 4, 2014.
"These condition indicate the existence of material uncertainty about the company's ability to continue as a going concern ...," the company said in a note to the accounts. During the second quarter, the company has announced a voluntary retirement scheme for its permanent employees. VRS results would be declared in the subsequent quarter, the company said.