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| Exchange Disseminated Time 12/12/2015 16:00:48 | With reference to earlier announcement dated December 04, 2015 whereby the Company have informed that Hon'ble Debt Recovery Tribunal-ll, Mumbai (DRT) has passed an order on December 03, 2015 for maintaining status-quo till December 17, 2015 on amounts collected from the Investors against shares in the Rights Issue, Ashima Ltd has now informed BSE that the Company on December 09, 2015 filed an application praying inter-alia rectification/modification of the said Order with DRT-II, Mumbai to enable all concerned parties to complete all formalities as per time lines prescribed in SEBI Circular dated April 22, 2010, more particularly the refund of excess amount received from rights share applicants pursuant to Letter of Offer dated October 28, 2015. DRT-lI vide order dated December 11, 2015 rejected the company's prayer.
The Company has further informed that, in view of the said DRT order dated December 11, 2015, the formalities relating to refund and listing of rights issue shares may be delayed. The Company is taking appropriate steps in the matter and is in the process of allotment of the shares. |
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