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| Exchange Disseminated Time | With reference to the earlier announcement dated May 24, 2011 informing the Exchange about the Company’s sale of Russia-CIS OTC business undertaking to Cilag GmbH International, Switzerland, (‘Cilag'), a subsidiary of Johnson & Johnson, and announcement dated July 14, 2011 informing the exchange about the closure of the said transaction and the receipt part from the consideration, the balance being kept in the agreed Escrow Account, JB Chemicals & Pharmaceuticals Ltd has now informed BSE that the company and its subsidiaries have received claims by the Johnson & Johnson group entities which corresponds to the amount held in the Escrow account.
The Company and its board of directors consider this action untenable, do not accept the claims and are seeking appropriate legal advice in relation to the same.
The Company shall spare no efforts to protect the interest of all its stakeholders.
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