Bhoruka Aluminium files reference with BIFR

Bhoruka Aluminium Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on February 25, 2013, have approved the following matters:1. To make reference to Board for Industrial and Financial Reconstruction (BIFR) under Section 23(1) of Sick Industrial Companies (Special Provisions) Act, 1985 (SICA 1985), consequent to erosion of more than 50% of the peak Net worth of the Company as at September 30, 2012 (18 months); the proposal which has been duly considered and approved by the shareholders at the 32nd Annual General Meeting held on February 25, 2013.2. As part of Company’s Restructuring process, the proposal of sale, transfer or otherwise dispose off the whole of the undertaking of the Company or any part thereof pursuant to the provisions of Section 293(1)(a) of the Companies Act, 1956, as approved by the Members through Postal Ballot on January 01, 2013, the Company has formed a Subsidiary Company namely M/s. Bhoruka Facades Private Limited.