Lloyd Rockfibers has shut down its factory located at plot no. E-71 MIDC Waluj, Aurangabad from August 10, 2013. Due to adverse market conditions, financial constraint and other reasons that made it too difficult and unfeasible for the management to continue the production or to run the unit at present.
The net worth of the company has been fully eroded as per the financial statement ended on March 31, 2013 and the consent of the shareholders of the Company have been accorded to make an application to the Board of Industrial and Financial Restructuring (BIFR) for seeking relief for revival and rehabilitation at the Annual General Meeting of the Company held on September 30, 2013. The Company has already made an application to BIFR for the same on November 19, 2013.
In view of the above and after considering the adverse market conditions, financial constraint and other reasons it was decided by the management to stop the production/ manufacturing activities till further order of BIFR with the effect from August 10, 2013. The employees were paid their full and final dues as per the provisions of law.
Lloyd Rockfiber is engaged in the business of manufacturing insulation material. Materials like rockwool mineral wool mattresses, slabs and pipe sections were manufactured at Aurangabad.