SOL PHARMA'S NETWORTH ERODED, REFERRED TO BIFR
Article Abstract:
Sol Pharmaceuticals has been referred to the Board for Industrial and Financial Reconstruction as its net worth has been completely wiped out. The company has accumulated losses of Rs166.52 crore as on March 31, 1998 while its total reserves stood at Rs89.49 crore. The company's bulk drug unit has been adversely affected due to the increasing cost of imported raw materials and the fall in the value of the rupee. The company had to write-off stocks worth Rs21.84 crore as they were rejected due to poor quality. It has prepared a revival package which involves hiving off its Patancheru unit into a joint venture with Teva Pharmaceutical Industries Ltd of Israel. This is expected to bring in $7.5 million and generate a business of Rs100 crore per annum. (khr)
Comment:
Is referred to Board for Industrial and Financial Reconstruction as net worth has been completely wiped out
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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BIFR DIAGNOSES SOL PHARMA AS SICK UNIT
Article Abstract:
The Board for Industrial and Financial Reconstruction (BIFR) has declared Sol Pharmaceuticals as sick. The company registered losses of Rs67.02 crore during the six months ended March 31, 1998. Its accumulated losses of Rs166.62 crore have fully eroded its net worth. The BIFR has appointed the Industrial Development Bank of India to examine the viability of the company and to formulate a revival package if found viable. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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MACCL NETWORTH WIPED OUT
Article Abstract:
Mysore Acetate and Chemicals Ltd of Mandya has been referred to the Board for Industrial and Financial Reconstruction as its net worth has been wiped out as on December 31, 1998. The Karnataka government holds an 82 percent stake in the company, which has a paid up capital of Rs12.2 crore and an authorised capital of Rs14 crore. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1999
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