LML declares itself sick

 
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New Delhi, Sep 8 (UNI) Two-wheeler maufacturer LML Ltd today said it had become a 'sick industrial company' and will refer this to the Board for Industrial and Financial Reconstruction (BIFR).

On the context of continued lock-out of operations since February 2006 and uncertainty of generation of profits in the near future, the Board of Directors noted that net worth of the company as on August 31, 2006, has been completly eroded and consequently it has become a sick industrial company under Sick Industrial Companies (Special Provisions Act) 1985, the company said in a statement.

The board accordingly approved the audited accounts for the period April 1, 2005 to August 31, 2006 and formed an opinion to make reference to the Board for Industrial and Financial Reconstruction.

UNI CS RA HS1835

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