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The board of directors of Facor Steels has considered and approved making a reference to the Board for Industrial & Financial Reconstruction under the Sick Industrial Companies (Special Provision) Act, as the accumulated losses of the company have exceeded the net worth of the company. The company posted a loss of ₹7.45 crore for the quarter ended March 2014 while Facor Steel’s FY14 net loss stood at ₹28 crore. The share on the BSE closed at ₹0.90.
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