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| Exchange Disseminated Time 23/03/2016 18:23:14 | Ashima Ltd has informed BSE that :
"We refer to the letter dated March 11, 2016 stating that the Division Bench of Hon’ble Bombay High Court heard the matter on March 9, 2016 and vacated the stay on the Order dated January 27, 2016 passed by the DRAT. The said communication further stated that the Company was in the process of seeking legal advice as to the interpretation of the High Court order and further steps to be taken in pursuance thereof.
Thereafter, the Company and Lead Manager to the Rights Issue took up the matter with the Bankers to the Issue to lift the freeze from rights issue accounts that was marked earlier by Bankers to Issue pursuant to Debt Recovery Tribunal order, enabling to complete rights issue process. However, at present, both the Bankers to the Issue are not clear as to the interpretation of the Court’s order and have requested the Company to seek clarity.
Under such circumstances, the process of rights issue is likely to be further delayed." |
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