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| Exchange Disseminated Time | | With reference to the earlier announcement regarding the Company had informed that the Company has entered into a Term Sheet dated June 17, 2011, with Peninsula Mega City Development Pvt. Ltd. for development of approximately 62.25 Acres of the Company's Leasehold land at TVC Industrial Area, Thane Belapur Road, Navi Mumbai, Standard Industries Ltd has now informed BSE that the Board of Directors of the Company, in their Meeting held on October 19, 2012 have reviewed the progress of the said Term Sheet and its extensions from time to time. It has been mutually agreed by Peninsula Mega City Development Pvt. Ltd. and the Company to terminate the Term Sheet and thus the Term Sheet stands forthwith terminated, cancelled and revoked. In pursuance thereto, the Company will refund, without interest, the sum of Rs. 11.00 Crores, received from Peninsula Mega City Development Pvt. Ltd. as advance at the time of execution of the Term Sheet. |
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