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| Exchange Disseminated Time | Banaras Beads Ltd has informed BSE that the Chairman of the company at the AGM of the company held on May 13, 2004 has briefed to the members of the company that the company has set up a new plant (Glass Furnace) at its unit G.T. Road, Tandia, Varanasi to bring some improvements and additions for achieving better efficiency and profitability. The production of Glass rods have been started from this plant.
Further, the Chairman has informed that the Petitioner Shri Raj Kumar Gupta and the Chairman have given their consent before Hon'ble Company Law Board to resolve the disputes in November, 2003 and as per order Shri Raj Kumar Gupta will get the Delhi based property of the company against his and family members shares consideration. The Hon'ble Bench has appointed to M/s. R.S. Ahuja, Chartered Accountants, New Delhi for valuation of shares and prepare the scheme of division company. The Valuer M/s. Ahuja & Co., Chartered Accountant, New Delhi has submitted their final report before Hon'ble CLB on April 26, 2004. The Valuer has fixed Rs 31.64 value of each share of the company and as per their calculation Shri Raj Kumar Gupta is liable to pay Rs 138.80 million to the company after deducting consideration of shares of his family members from value of assets situated at New Delhi and its controlled branches. The Hon'ble Bench has fixed next date on July 27, 2004 for further action purpose.
The SBI Overseas, Varansi has filed a recovery suit of Rs 75 million before DRT, Allahabad in the year 2000 and the same is still pending for appropriate order. In the mean time the company is trying to settle this matter with Bank through one
time settlement basis. In this regard the company have made initial deposit with bank and they are in process.
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