LML networth erodes completely

LML Ltd has announced that the Board of Directors of the Company at its meeting held on September 08, 2006, has decided the following:

1. Considered the recognition of Deferred Tax Asset (DTA) on the context of the continued lock-out of two wheeler operations, the present prevailing condition of the Company the uncertainty of generation of profits in near future and decided to reverse the provision of DTA and noted that as a result of the aforesaid the net worth of the Company as on August 31, 2006 has been completely eroded and consequently the Company has become a sick industrial Company under Sick Industrial Companies (Special Provisions Act) 1985. The Board accordingly approved the audited accounts of the Company for the period April 01, 2005 to August 31, 2006 and formed an opinion that the Company has become a sick industrial Company and has decided to make reference to the Board for Industrial and Financial Reconstruction.

Source : Equity Bulls

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