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| Exchange Disseminated Time | Tamilnadu Telecommunications Ltd has informed BSE that the following:
"M/s Tamilnadu Telecommunications Limited (TTL) is a sick Company under BIFR and a Sanctioned Scheme was issued by BIFR during July, 2010. The cutoff date for settlement with the Banks was March 31, 2007. Since then there is no banking operation and as per the Sanctioned Scheme settlements made with the Banks during 2010-11.
TTL is a OFC manufacturing Company for telecommunications. Though the projections made in the Sanctioned Scheme were achievable and as per the OFC market data, due to various reasons the big projects of Government got delayed. For eg. the NOFN project of Govt to cover the villages with Broad band. Due to dull phase of market the Company's capacity utilization For the past few years were less than 25%. Though the OFC requirement is huge in the Country, due to above said delays the projects are not implemented in time. This has resulted in continuous accumulation of loss year after year.
For the past more than six years M/s. Telecommunications Consultants India Limited (TCIL), A Govt of India Enterprise, one of the promoters having 49% stake in TTL is financially supporting the Company. Due to low level of capacity utilization, the exposure of TCIL in TTL is continuously increasing, which has reached a stage that TCIL is also not in a position to continue the support.
In view of above, the Promoters / JV Partners meeting has been proposed on January 19, 2015 at 03.00 p.m. in Chennai, to discuss and decide the future of the Company". |
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