IVC TURNAROUND SEES Rs10 LAKH OPERATING PROFIT FOR 1997-98
Article Abstract:
IL&FS Venture Corporation Ltd (IVC) has achieved a turnaround in 1997-98 by posting an operating profit of Rs10 lakh on a net income of Rs2.96 crore. According to a major restructuring programme undertaken by the IVC board, the parent company, Infrastructure Leasing & Financial Services Ltd (IL&FS) has hiked its stake in IVC from 19 percent to 40 percent through issue of fresh shares. The revival plan also envisages setting off accumulated losses of Rs18 crore against the balance in share premium account and then against the share capital. This will reduce the capital by 50 percent to Rs12 crore. Two shares will be consolidated into one to maintain the par value at Rs10. After the restructuring process, IVC will have a paid-up capital of Rs12 crore and accumulated loss of Rs30.6 lakh. These losses are expected to be wiped off by the end of 1997-98. (gsh)
Comment:
Achieves turnaround in 1997-98 by posting operating profit of Rs10 lakh on net income of Rs2.96 crore
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BIFR SUGGESTS WINDING UP PASUPATI HARYANA
Article Abstract:
Pasupati Haryana Woollens Ltd is not likely to improve its net worth exceed its accumulated losses and the Board for Industrial Financial Reconstruction (BIFR) has recommended the closure of the company. The promoters of the company have been alleged to have disposed off fixed and current assets without depositing the sale proceeds with the Punjab National Bank and the Industrial Finance Corporation of India (IFCI). (vsm)
Comment:
Pasupati Haryana Woollens Ltd is not likely to improve its net worth exceed its accumulated losses and the Board for Industrial Financial Reconstruction (BIFR) has recommended the closure of the company.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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