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| Exchange Disseminated Time | Wanbury Ltd has informed BSE that the Hon'ble Supreme Court has given an Order dated May 16, 2008 in the matter of merger of The Pharmaceutical Products of India Ltd (PPIL) with Wanbury Ltd (the Company). The Company has received the Certified True Copy of the said order on June 11, 2008.
Further the Company has informed BSE that a meeting of the Board of Directors of the Company will be held on June 27, 2008, inter alia, to consider the Unaudited Financial Results of the Company for the fourth quarter and twelve months ended as on March 31, 2008.
The Hon'ble Supreme Court, which was considering the Special Leave Petition filed by Tata Motors, an unsecured trade creditor of PPIL, against the Order of Hon'ble Bombay High Court, has come to the conclusion that once the Company is in Board for Industrial and Financial Reconstruction (BIFR), no Court including the High Court will have any jurisdiction to entertain any petition. Thus the petition under Section 391 for an arrangement with the Creditors by PPIL has been held to be invalid. Although the BIFR proceedings were not before the Hon'ble Supreme Court, using its power under Article 142 of Constitution of India, the Hon'ble Supreme Court also set aside the BIFR and AAIFR Order.
However considering the effective steps taken by the Company pursuant to the merger Order of Hon'ble BIFR, the Supreme Court has directed the Hon'ble BIFR to denovo consider the Rehabilitation cum Merger (RCM) of PPIL with Wanbury Ltd and remitted the RCM to BIFR for its consideration and sanction afresh.
The Hon'ble Supreme Court vide its aforesaid Order directed the Company to de-merge The Pharmaceutical Products of India Ltd. This shall have lot of complications and the Company does not have sufficient time to complete the finalization of such redrawn accounts for the financial year ended March 31, 2008. A number of issues are as such irreversible like issuance of equity shares payment of consideration to creditors etc., therefore the Company has made an application to the Registrar of Companies, Maharashtra for extending the period of Annual Accounts to Eighteen Months i.e. from April 01, 2007 to September 30, 2008.
The Company as a practice provides the Unaudited Financial Result for first 3 quarters and provides Audited Financial Result for the year before June 30 every year. However in light of the unexpected Hon'ble Supreme Court Order, the Company is scheduling its Board Meeting on June 27, 2008, inter alia, to consider Unaudited Financial Results of the Company for the forth quarter and twelve months ended as on March 31, 2008. |
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