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| Exchange Disseminated Time | With reference to a News Item appearing in a leading financial daily titled "Bharat Gears in focus on order buzz" Bharat Gears Ltd has informed BSE that the Company has not issued any press release or statement in respect of the issues stated in said item. The news item seems to have been inserted by speculators and operators for their vested interest.
The Company has further informed that it had approached the Corporate Debt Restructuring (CDR) Cell for restructuring of its debts. CDR Cell considered the proposal favorably and granted certain concessions and relief to the Company, which include reduction in interest rate and grant of additional facilities. The Promoters & Collaborators were also directed to bring in Rs 30 million. It is trying to put its operations back on track thru cost reduction and re-cooping its lost export orders. As a measure of cost reduction and re-structuring of its manpower, the Company is offering VRS to its employees in a phased manner. |
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