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| Exchange Disseminated Time | Ind-Swift Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 21, 2012, inter alia, has approved the following:
1. In view of shrinking operating margins, high level of finished stocks, low cash liquidity and escalating debt costs, the Company has decided to make reference to the Corporate Debt Restructuring (CDR) cell through Punjab National Bank for financial re-structuring of the debts of the Company under CDR mechanism formulated by the Reserve Bank of India.
2. The Board reviewed the present status of the merger of Dashmesh Medicate Pvt Ltd and Essix Bioscience Ltd with the Company in light of the recent Fire incidence in the factory premises of Dashmesh Medicate Pvt Ltd., which totally destroyed the asset base of the Dashmesh Medicate Pvt Ltd. In the larger interest of the Company and its stakeholders, the Board has decided to withdraw the merger petition of Dashmesh Medicate Pvt Ltd and Essix Bioscience Ltd. with the Company filed with Hon'ble High Court of Punjab & Haryana at Chandigarh. |
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