C K Birla group company Hindustan Motors (HM) has drawn up plans for restructuring of the company which was suffering from poor cash flow due to lack of vehicle sales.
Talking to
HM was also seeking strategic investors for both the units, Bose said.
During the 18-month period under review beginning April 2012 and ending September 2013, HM incurred a loss of Rs 71.20 crore (Rs 712 million) as compared to a loss of Rs 29.96 crore (Rs 299.6 million) in FY 2011-12.
The company's accumulated losses have exceeded its net worth at the completion of the extended financial year ended September 30, 2013.
HM would take necessary steps to comply with the legal requirements, Bose added.
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