23rd-Mar-2012 16:08Source: BSE

Ashapura Mine - BIFR Pronouncement

Ashapura Minechem Ltd has informed BSE that the Board of Industrial & Financial Restructuring"(BIFR), on considering the material on their record and the submission made before the Bench; is satisfied that the Company satisfies the criterion of a Sick Company under SICA and accordingly has declared the Company a Sick Industrial Company u/s. 3(1)(o) of SICA.

Further, in terms of the Order passed and the powers available u/s. 17(3) of SICA, the Bench has appointed Bank of India (BOI) as
Operating Agency (OA) with directions to submit Draft Rehabilitation Scheme (DRS) within three months in terms of the guidelines for
preparation of Rehabilitation Scheme.