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Futuristic Solutions Ltd has informed BSE that :

"A Claim in which Futuristic Solutions Ltd had sold off its rights during the Financial Year 2010-11 having retained the bank guarantee / FDR’S having the present value of Rs. 25,00,000 & Rs. 38,00,000 respectively which were pledged to the Hon’ble executing court.

The Bank Cuarantee / FDR of Rs. 25 Lacs was released in the quarter ending June 30, 2012. The Judgment debtor had appealed in the Honble High Court Punjab & Haryana and the said appeal has been dismissed by Honble High Court with conditional modifications, however having no effect, on the pledged FDR of approximately Rs. 38 Lacs. Consequently the said pledged FDR is Likely to he released in the current quarter i.e. Septembwer 30. 2012."

Source : BSE - >www.bseindia.com

Published on August 14, 2012
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