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| Exchange Received Time 05/07/2017 17:28:57 Exchange Disseminated Time 05/07/2017 17:29:01 Time Taken 00:00:04 | | The Company has received a credit of 16.48 Lakhs equity shares of Mercantile Ventures Ltd (MVL) from Manali Petrochemicals Ltd (MPL). These shares represent the past dues of MVL (Formerly Mercantile Credit Corporation Ltd - MCC) to the Company, which at the time of going into liquidation has not been recognized by MCC but shown as the dues to MPL. Consequently, under a Scheme of Arrangement as sanctioned by the Hon'ble High Court of Madras, the aforesaid shares were allotted by MVL to MPL instead of in the name of the Company. As part of IND AS reviews, MPL has identified this and based on discussions with the Company, the shares have been credited to the Company by MPL. Consequent to the above, the total holding of the Company in MVL has increased from 2.11% to 3.53% and the required entries have been passed by the respective Companies to regularize their books of accounts, as required under IND AS. |
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