Hindustan Motors will be making a reference to the Board for Industrial and Financial Reconstruction (BIFR) as its accumulated losses at the end of financial year ended September 2013 have exceeded its entire net worth by Rs.39.2 crore.
The company board met here on Thursday to take in the results for the quarter ended December 2013 which showed a net loss of Rs.15.5 crore as compared to a profit of Rs.20.4 crore a year ago. Current liabilities also exceeded current assets by Rs.155.3 crore, the company said.
