According to the law, all companies listed on regional excahnges have been transferred to dissemination board. Now they have to provide exit to shareholders or list on the national exchanges. My Query is that our company is a sick company declared by BIFR. It is non operational and banks have taken over the plant and machinery. Now, since its a sick company, net worth is negative. So, no value can be given to shareholders. So what should be our next step. What is the legal status in this case. THe company does not have funds to pay for all the expenses which is in the range of 5-10 lakhs rupees.
22 January 2017
if BIFR declared the company SICK, then all the proceedings will be directed by BIFR. The Company has to follow the instructions given by BIFR .
24 January 2017
Thank you Mr. Bakshi. The last order of BIFR was an order of change of management which is not yet implemented by the bank. Now BIFR is dismantled. So should we apply in the new court now?
CAclubindia
