The LML board has referred the company to the Board for Industrial and Financial Reconstruction, BIFR, reports CNBC-TV18.
LML has been declared a sick company. It has been working on a revival plan for more than one and a half years. About 10 years ago, LML commanded 30% of the scooter market.
In March 2005, LML raised Rs 200 crore and it also increased its authorised share capital from Rs 60 crore to Rs 250 crore.
BIFR has informed CNBC-TV18 that they have just received LML's application and the registration of LML's case will take two to three days. The acceptance or rejection of LML's case will be known in 8-10 days.
LML is believed to be in talks with one Italian, one Chinese and two Indian companies and the talks will continue as the revival of the company is still sought after.
BIFR has informed CNBC-TV18 that they have just received LML's application and the registration of LML's case will take two to three days. The acceptance or rejection of LML's case will be known in 8-10 days.
