| Note No. 1
Terms / Rights attached to Equity Shares:
The Company has only one class of Equity Shares having a par value of
Rs.10 per share. Each holder of Equity Shares is entitled to one Vote
per share. The Dividend is subject to the aprpoval of the share holdes
in the ensuing Annual General Meeting.
Note No. 2
Foreign Exchange Transactions:
During the year the Company has not dealt with foreign exchange
transactions.
Note No. 3
As the networth of the company has been eroded Reference as per
provisions of Sick Industrial Com panles (Special Provisions) Act, 1985
(1 of 1986) was made to the Hon'ble BIFR on 28.05.2001 and the Company
was declared as Sick Industrial Company by the Hon'ble BIFR on
06.05.2003. The BIFR has appointed M/s Punjab National Bank as
Operating Agency to prepare rehabilitation scheme. The dues payable to
Punjab National Bank were settled during 2007 under OTS Scheme and that
of TIIC In 2011
While the Company is pursuing steps to settle alt dues, due to action
under SARFAES Act by TIIC & the BIFR by its order dated 22.04.2010
abated the proceedings-of Sick Industrial Company. The appeal by the
company against above order before AAIFR has been disallowed; The High
Court has also declined to quash the order of BIFR. The company has
also settled dues of SIPCOT, IFST and all other creditors.
SETTLEMENT OF DUES:
The Company has settled, under One Time Settlement (OTS), dues of
Punjab National Bank, TIIC, SIPCOT, IFST and all remaining creditors.
For this purpose, company has borrowed from its Associate Company M/s.
Savorit Limited and its Managing Director. The Company. has paid
Rs.241.02 Lakhs towards interest on the above loans
GUARANTEE IN FAVOUR OF ASSOCIATE COMPANY:
M/s Savorit Limited has borrowed from M/s Indian Bank, MGT Branch,
Chennai and inturn advanced the amount (balance as on 31.03.2014
Rs. 1047.56 lakhs) to our Company. For this purpose our Company has
given its Land and Building as Security and further extended Corporate
Guarantee.
Note No. 4
In the opinion of the Board the Current Assets, such as Short Term
Loans and Advances are shown at realisable value.
Note No. 5
Previous byear's Figure have been regrouped reclassified wherever
necessary to correspond with the current Year's figure.
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