December 03, 2008

Rathi Ispat goes to BIFR

Rathi Ispat Limited has informed BSE that due to erode of net worth, it has made a reference before BIFR under the provision of Section 15(1) of the Sick Industrial Companies (Special Provisions) Act, 1985.

It said “Further to earlier announcement dated March 13th 2008 under Regulation 7(3) of SEBI (Substantial Acquisition of shares and Takeover) Regulations, 1997 it has informed that BIFR on dated March 10th 2008 has given direction to Punjab National Bank not to sale or transfer such 8.01% equity shares of the company without order of BIFR.”