The company board decided to write off the share premium account of Rs 3.17 crore and reduce the paid-up share capital from Rs 161 crore to Rs 80 crore.
The move was to prevent the company from being referred to Board for Industrial & Financial Reconstruction (BIFR) since the networth was facing 100 per cent erosion.
Deccan Herald is on WhatsApp Channels| Join now for Breaking News & Editor's Picks