Business   

BIFR orders winding up of SIV

By Our Special Correspondent

COIMBATORE OCT. 14. The Board for Industrial and Financial Reconstruction (BIFR) has ordered winding up of SIV Industries ( formerly South India Viscose), Sirumugai, about 60 km from here, as the company has failed to submit a scheme "which would have enabled the company to make its net worth exceed its accumulated losses within a reasonable time by meeting all its financial obligations".

"As a result, the company is not likely to become viable in future and hence it would be just, equitable and in public interest that it should be wound up under sec 20(1) of Sick Industrial Companies (Special Provisions) Act, 1985".

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Southern States | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Obituary |

Stories in this Section

• Maruti hints at price hike
• Skoda India enters luxury segment
• Ford Endeavour priced at Rs. 13 lakhs
• Single-window clearance for BIS norms
• TVS sports MY TVS brand for services
• WLL-M cos. go on the offensive
• Rupee slumps to new low
• Sensex snaps 11-day long rally
• Private insurance firms seek to invest abroad
• BIFR orders winding up of SIV
• Indian Hotels Q2 net up
• Stock Market Index
• Exchange rates
• Bullion rates

Copyright © 2003, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu