With respect to announcement dated November 24, 2016, Khaitan (India) has now informed reasons for such a reference/petition. The reason would be that the Company’s net worth has been fully eroded as at the end of the financial year 2015-16 and hence the reference under section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985. The impact of such reference/petition on listed entity would be that the rehabilitation scheme will be prepared. Once the scheme is prepared, submitted and approved, they would be able to advise the impact.
The above information is a part of company’s filings submitted to BSE.
