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The board of directors of Lumax Automotive Systems has filed a reference application with the Board for Industrial and Financial Reconstruction on Monday (November 23). Audited annual accounts of the company for the year ended March 31, 2015, (adopted on September 28, 2015) shows that its entire net worth has been eroded. Hence, as required under the provisions of SICA, a reference under Section 15(1) should be made within 60 days from the date of adoption of audited accounts at the AGM, to BIFR for determination of measures needed to be taken by the company. Shares of Lumax Automotive jumped 20 per cent at ₹46 on the BSE.
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