Net Loss of Khaitan Electricals reported to Rs 9.74 crore in the quarter ended March 2018 as against net loss of Rs 122.57 crore during the previous quarter ended March 2017. Sales declined 63.65% to Rs 4.30 crore in the quarter ended March 2018 as against Rs 11.83 crore during the previous quarter ended March 2017.

For the full year,net loss reported to Rs 45.80 crore in the year ended March 2018 as against net loss of Rs 297.38 crore during the previous year ended March 2017. Sales declined 47.67% to Rs 37.80 crore in the year ended March 2018 as against Rs 72.24 crore during the previous year ended March 2017.

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Khaitan Electricals announced that Bank of India has filed an application with Hon'ble National Company Law Tribunal (NCLT), Hyderabad Bench, Hyderabad for initiation of Corporate Insolvency Resolution Process against the company [Under section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency and Bankruptcy [Application to Adjudicating Authority] Rules 2016.

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Khaitan Electricals will hold a meeting of the Board of Directors of the Company on 30 May 2018.

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The Board of Khaitan Electricals has approved the appointment of Sujata Chatterjee (DIN: 00245656), as Non-Executive Independent Additional Director w.e.f 25 April 2018.

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