BIFR Update

In line with order passed by BIFR on 20th November, 2013 and 2nd January 2014, SEBI passed an order dated 28th March, 2014 allowing the Company to extend the time to comply with minimum public shareholding on or before 19th August, 2014. Also the Company allowed to increase in equity shares from 14,71,250 to 18,96,500 of Rs. 5/- each fully paid up, through public offer or private offer or through any other mode as well as at price as permitted under regulatory frame work and pricing guidelines of SEBI.

Pursuant to para 12.9 of Order dated 12th January, 2012, the Hon’ble BIFR directed Gujarat Industrial Investment Corporation Ltd. (GIIC Ltd.) to accept principal amount of unsecured loan of Rs. 26.00 lakhs in three equal yearly installments commencing from 1st April, 2011. As per the communication received from GIIC Ltd., the Company has paid an amount of Rs. 31.00 Lakhs (Rupees Thirty one lakhs only) to GIIC Ltd. as full and final settlement payment towards their unsecured loan of Rs. 26.00 Lakhs & Rs.5 Lakhs paid as goodwill, in compliance with the BIFR order dated 12th January, 2012.

The Company has complied with majority of BIFR directives and regularly making its repayment of Bank loans.