Mangalam Cement discharged from BIFR purview

Mangalam Cement Ltd has announced that Hon'ble Board for Industrial and Financial Reconstruction (BIFR), vide its order dt. May 24, 2007, has discharged the Company from the provisions of Sick Industrial Companies (Special Provisions) Act, 1985 - SICA, 1985- and the Company cease to be a 'Sick Industrial Company' within the meaning of Section 3(1)(o) of the Act.

The Hon'ble BIFR has also discharged Mrs. Aruna Makhan, Special Director, appointed by it on the Board of the Company and thus she ceases to be a Director on the Board of the Company w.e.f. May 24, 2007.

The stock was trading at Rs.141, up by Rs.2.45 or 1.77%. The stock hit an intraday high of Rs.147.70 and low of Rs.135.10. The total traded quantity was 67569 compared to 2 week average of 37414.

Source : Equity Bulls

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