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| Exchange Received Time 14/04/2017 17:58:53 Exchange Disseminated Time 14/04/2017 17:59:00 Time Taken 00:00:07 | | The company's business has severely suffered due to disputes amongst the promoters of the company. The inter-se disputes amongst the promoters of the company was settled through execution of Memorandum of Family Settlement (MOFS) on 31st August, 2010 which was taken on record by the Hon'ble Company Law Board, New Delhi vide its order dated 3rd September, 2010.Since then, the family settlement under MOFS remains to be fully executed despite the process of arbitration undertaken by the parties as per directions of Hon'ble High Court in the year 2012. On account of delay in the process of arbitration, an application was filed in the Hon'ble Delhi High Court to deal with the issues arising out of implementation of MOFS. At a hearing held on 13th April, 2017, the Hon'ble Delhi High Court has fixed the next date of hearing on 15th May, 2017. The Company shall inform the material outcome of proceedings, if any, of Hon'ble Delhi High Court accordingly. |
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