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| Exchange Received Time 17/05/2018 18:37:00 Exchange Disseminated Time 17/05/2018 18:37:07 Time Taken 00:00:07 | This is to inform you that Hon'ble NCLT, Mumbai bench vide order dated May 14, 2018, which is made available on the website of NCLT today, has admitted the reference for initiation of CIRP under Section 7 of Insolvency and Bankruptcy Code, 2016 (IBC).
By the said order Hon'ble NCLT, Mumbai bench has appointed Mr. Subodh Kumar Agrawal as Interim Resolution Professional (IRP) to carry out the functions as mentioned under IBC.
Accordingly, the Corporate Insolvency Resolution Process under the provisions of IBC have commenced with respect to the Company with effect from May 14, 2018.
Pursuant to the provisions of Section 17 of IBC, 2016 the management of the affairs of the Company shall vest with the IRP and the powers of Board of Directors shall stand suspended and exercised by IRP.
This may be treated as communication under Regulation 30 and any other applicable provisions, if any, of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
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