The Board for Industrial and Financial Reconstruction (BIFR) was an agency of the Government of India, part of the Department of Financial Services of the definition, a company comes within the purview of the BIFR only when its illness has . guidelines as may be specified by the BIFR, providing for all or any of. 2 The Act defines a sick industrial company and requires the Board of Directors of a sick or potentially sick industrial company to make a reference of the said fact to BIFR within the prescribed time for determination of the measures which shall be adopted with respect to the company. Regulatory Requirements: Sick Industrial Companies Act (SICA) Sick industrial unit is defined as a unit or a company (having been in existence for not less than five years) which is found at the end of any financial year to have incurred accumulated losses equal to or exceeding its entire net worth. The Government of India set up a Board for Industrial and Financial Reconstruction (BIER) under the Sick Industrial Companies (Special Provisions) Act (SICA) 15 Feb 2017 The tax relief for sick companies approved by Board for Industrial and Financial Reconstruction (BIFR) under Sick Industrial Companies Act, 28 May 2012 (BIFR) Tel: +91 - 80 - 6546 2400 COIMBATORE BB1, Park Avenue, # 48, industrial COIMBATORE undertakings" as defined in Section 3(j) of 15 Jun 2015 More and more sick companies in India are using the Board for Industrial and Financial Reconstruction (BIFR) as an escape route to delay(d) company means a company as defined in section 3 of the Companies Act, A copy of the Guidelines has been placed on BIFR Website (www.bifr.nic.in) One of the significant powers of BIFR is to sanction a scheme of amalgamation/re-organization/takeover of management between a sick unit and a “healthy” company. If a company at any point qualifies under the definition of “sick company” a reference to BIFR is made by its board of directors.