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As already informed to you the Company is in financial distress since an extensive period of time which resulted in the Company being admitted into the Corporate Insolvency Resolution Process (CIRP) as per the provisions of the Insolvency and Bankruptcy Code, 2016 (IBC). The applicant / initiator of the CIRP before the Honble National Company Law Tribunal, Ahmedabad Bench (NCLT) was ICICI Bank Limited in its capacity as the financial creditor of the Company. The application was admitted and the CIRP commenced with effect from August 01, 2017. Mr. Sundaresh Bhat was appointed as the Interim Resolution Professional (IRP) of the Company and subsequently, appointed as the Resolution Professional (RP) by the Committee of Creditors of the Company. In compliance with the provision of Regulation 29(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the audited financial results of the company for the year ended 31st March, 2017 will be considered and approved by the RP on Tuesday, February 06, 2018. Subsequently these audited financial results will be filed with stock exchanges by the undersigned.
Source : BSE - www.bseindia.com
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