Lumax Automotive Systems Ltd has informed BSE that as per the audited annual accounts of the Company for the year ended March 31, 2015, adopted on September 28, 2015 shows that the entire net worth of the Company has eroded and hence as required under the provisions of SICA a reference under section 15(1) shall be made by the Company within 60 days from the date of adoption of audited accounts at the AGM, to BIFR for determination of the measures which shall be adopted with respect to the Company.
In furtherance to the above the Board of Directors of the Company have filed the reference application with the Board for Industrial and Financial Reconstruction (BIFR) under the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 on November 23, 2015.
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