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In what has come as a major setback for the Vadodara-based engineering player Jyoti Ltd, the Board for Industrial and Financial Reconstruction (BIFR) has declared the company as a 'Sick Industrial Company' and appointed the Central Bank of India as the Operating Agency for its further financial operations.
Jyoti Ltd, which went to BIFR in 2014, was reeling under financial stress. The company's board of directors had met on October 7, 2015 and took on record that Hon'ble B.I.F.R., in the hearing held on October 05, 2015 declared Jyoti Ltd as a 'Sick Industrial Company' within the meaning of Sick Industrial Companies (Special Provisions) Act, 1985 and appointed the Lead Bank Central Bank of India as the Operating Agency for its further needful action," a company statement said.
Notably, earlier this year, Jyoti had faced a hostile takeover attempt by one of the Mumbai-based brokers Bharat Patel and his aides by removing the company's CMD Rahul Amin and the board of directors.
Jyoti Ltd shares were trading at Rs 65.25 on the Bombay Stock Exchange (BSE) on Thursday.
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