General Announcement::Disclosure

Issuer & Securities

Announcement Title: General Announcement
Date &Time of Broadcast: 24-Nov-2022 17:55:23
Status: New
Announcement Sub Title: Disclosure
Announcement Reference: SG221124OTHRSADK
Submitted By (Co./ Ind. Name): Nitesh A. Mhatre
Designation: Company Secretary
Description (Please provide a detailed description of the event in the box below): We wish to inform that the Hon ble National Company Law Tribunal, Mumbai Bench (Tribunal) vide its order dated November 18, 2022 (which was uploaded on its website on November 23, 2022) has dismissed petition filed by Canara Bank for initiation of Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency & Bankruptcy Code, 2016. The Hon ble Tribunal held that the business of the Company is sustainable, it is a viable going concern under its current management and the overall financial health of the Company is not bad enough to be admitted under CIRP. Thus, in view of aforementioned, the petition is dismissed.

Accordingly, based on findings in the order of the Hon ble Tribunal, the Company will continue to pursue resolution with its lenders, which it believes will be in the best interest of all the stakeholders of the Company.

You are requested to take note of the same.