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| Exchange Disseminated Time | With reference to the news item appearing in leading daily titled "Mega Foreign order litts Shivalik Global", Shivalik Global Ltd has clarified to BSE that :
1. The Company deny that any such major orders were received from US retailing majors like Wallmart and J.C. Penny or are in final stages. The Company and its subsidiary is into manufacture of garments and they continuously supply garments to European majors like French Connections, Next and US retailing such as Guess, Michael Korres, Cold Water Creek, Cristophere & Banks and we receive orders on continuous basis. However, no such big orders as speculated in the news items have been received. The company will always inform the exchange first in accordance with the listing agreement.
2. The news item has also speculated on expansion of 100 crores but it is factually wrong and the company will be relocating its existing plant to newly acquired land in HSIDC Industrial Area, Sector-58, Faridabad and is consolidating its knits and woven divisions at Shyamtex and at this new facility and the modernization and balancing equipment will be carried during relocation and total capital expenditure on relocation and modernization to the tune of Rs. 35 - 40 crores including land and building. These facts have already been informed to the stock exchange earlier and have also been communicated to the shareholders in its Annual Report 2005-2006.
The Company has further informed that no such news item has been emanated from the Company or its management during any of its communication, press conference or release, whatsoever. |
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