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| Exchange Disseminated Time | With reference to the news article appearing in a leading financial daily titled "United buys into 2 US pesticide cos" United Phosphorus Ltd has informed BSE that the Company had filed legal suit against a party in USA for fraudulently using Company's labels. The Company had won in the said appeal and they were awarded damages. However, the USA party declared bankruptcy, which proceedings are still going on. In the meantime, the assets of the party included 25% shares in Midland Fumigants Inc and 50% shares in Kaw Valley Corporation. These shares were purchased at auction which was made to enforce the judgement. However, the court order confirming the sale in favour of the Company is still awaited. The Company is still awaiting the court order for confirmation of sale.
As regards the other legal suit filed against Microflo, the matter is still not decided and is therefore subjudice. Microflo has been charged with fine by Environment Protection Agency in USA. This information has no bearing on the working of the Company.
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