The following two statements related to industrial sickness. Choose the correct the statements.
Statement I The Sick Industrial Companies Act (SICA)was enacted to address a chronic problem of industrial sickness in the Indian economy.
Statement II SICA defined a sick industrial unit as one that had existed for atleast three years and had incurred accumulated losses equal to its entire net worth at the end of any financial year.

A. Statement I is correct, but Statement II is incorrect

B. Statement II is correct, but Statement I is incorrect

C. Both statements are correct

D. Both statements are incorrect

Answer: Option A