https://www.taxtmi.com/caselaws?id=108365 A company could not qualify as a sick industrial company under the amended section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 unless it was an industrial company registered for at least five years and, at the end of a financial year, had accumulated losses equal to or exceeding its entire net worth. Because the factory had been closed after 31 March 1993 and no workers were employed during the relevant preceding twelve months, the company did not satisfy the statutory character of an industrial company owning an industrial undertaking or a factory. Prior declined references were also treated as never having been made, so the third reference was not maintainable. en-us Tue, 21 Jan 2003 00:00:00 +0530 Sat, 31 Mar 2012 12:36:01 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=108365 A company could not qualify as a sick industrial company under the amended section 3(1)(o) of the Sick Industrial Companies (Special Provisions) Act, 1985 unless it was an industrial company registered for at least five years and, at the end of a financial year, had accumulated losses equal to or exceeding its entire net worth. Because the factory had been closed after 31 March 1993 and no workers were employed during the relevant preceding twelve months, the company did not satisfy the statutory character of an industrial company owning an industrial undertaking or a factory. Prior declined references were also treated as never having been made, so the third reference was not maintainable. Case-Laws Companies Law Tue, 21 Jan 2003 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=108365