|
| Exchange Disseminated Time 14/02/2017 18:21:12 | McNally Bharat Engineering Company Ltd has informed BSE that at its meeting held on February 14, 2017, inter alia, has transacted the following;
Regarding item 4(i) of the said report, the Company would like to explain that in the books of McNally Bharat Engineering Co. Ltd. (MBE), an amount of Rs. 7400 lacs stands receivable from MBE Mineral Technologies Pte Limited (MBE Singapore) on account of advances given as allowed under FEMA and Exchange control Guideline of Reserve Bank of India. Part of the receivables is also on account of interest being charged on such advance as stipulated in the Companies Act. The amount shall be paid by MBE Singapore as and when they receive payment from Schillingtons Ltd, UK, against the sale proceeds of sale of 70% stake of MBE Singapore in CMT Group Germany to Schillingtons. The agreement to sale between MBE Singapore and Shillingtons is valid as per the German Law, which provides extension of payment time with bilateral consent. The said agreement has been extended by both the parties from time to time as permitted in the agreement. This receivable is backed by receivable from sale proceeds of valuable assets and MBE Singapore can at any point of time reclaim the transferred shares, by not extending payment time, which have been well defined in sale agreement notarized in the City of Cologne.
Regarding item 4(ii) of the said report, the Company would like to explain that Investment of Rs. 2550.74 Lacs in MBE Mineral Technologies Pte Ltd Singapore by McNally Bharat Engineering Co Ltd is considered good and recoverable in the views of the Management. |
|
|