Networth Erosion more than 50% of peak networth of preceding 4 yearsReport
Please briefly explain why you feel this question should be reported .
Earlier under SICA, the company had to report erosion of more than 50% of peak networth of immediately preceding 4 years and also pass necessary resolution in the Shareholders’Meeting. Now that the SICA Repeal Act is notified and NCLT subsumed all BIFR powers do we still need to report networth erosion even if the networth of the company is positive? There is no such provison called ‘Potentially Sick Company’in the Companies’Act 2013.