Board for Industrial and Financial Reconstruction has asked Cycle Corporation of India Ltd (CCIL) to wind up its operations as it is not likely to become viable in future.
The two-member bench comprising Chairman P P Chauhan and member G Narayanan confirmed the prima facie opinion that CCIL was not likely to make its net worth exceed its accumulated losses within a reasonable time while meeting all its financial obligations. The bench said the government and the company's promoters were not serious in rehabilitating the sick CCIL and failed to evolve a viable revival proposal for the company despite several opportunities given. Recalling its earlier order, the bench noted as some parties had shown interest in reviving the ailing CCIL and keeping in view the interest of livelihood of the company's workers, the board had given last opportunity to the government to revive the ailing company.


Report : Zeenext Bureau