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| Exchange Disseminated Time | With reference to the disclosure about Pledge of Company's shares by the promoters on February 03, 2009 & February 10, 2009, Ganesh Housing Corporation Ltd has clarified to BSE as follows:
"ICICI Bank Ltd extended a Term Loan for Company's SEZ project. As per the term sheet of ICICI Bank Ltd the prime security for the term loan is the land of SEZ project. The market value of SEZ land is about Rs 600 crores whereas a Company has obtained a loan of INR 32.53 crores from the said bank. The promoters of the Company have pledged 97,96,427 equity shares as security. Hence, in our opinion looking to the market value of SEZ land the interest of shareholders of the Company is fully protected and the chances of bank invoking the pledge are remote". |
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