|Mr. S C Gupta, Mr. D Neelkandan, Mr. S A Bhat, Whole Time Directors submitted their resignation letter as on dated January 10, 2006, January 17, 2006 and January 18, 2006 from the Board and Board has accepted their resignation and their resignation is effective from February 10, 2006, February 17, 2006 and February 18, 2006
(As per Board Decision BSE Bulletin dated on 14/02/2006)
|has transacted the following:
1. Take over of physical possession of Redi Plant
Directors discussed take-over of physical possession of all movable and immovable
properties of Redi plant by Stressed Assets Stabilization Fund (SASF) on December 26, 2005 and possession letter signed for the same was placed before the directors.
2. Sale of Redi plant to M/s. Tata Metaliks Ltd
Directors reviewed letter dated December 29, 2005 issued by SASF informing the sale of Redi plant to M/s. Tata Metaliks being highest bidders at Rs 1150 million.
Tata Metaliks being a well known and reputed industrial house of the country, Directors expressed their happiness over the same as it will not only benefit the employees of the company but will help in development of the entire region.
3. Availability of funds and its disbursement
Since the operations of the Redi plant were closed w.e.f. November 28, 2005 and subsequently take over of physical possession of fixed assets of the company on December 26, 2005 and seizure of current assets charged to United Western Bank w.e.f.
December 26, 2005, there is no further inflow of funds w.e.f. December 26, 2005. In view of this various pending liabilities were discussed in length which includes Govt. dues like Sales Tax and Income Tax collected by the company, PF, employees dues, including Full and Final payment and other liabilities of suppliers and contractors etc. As deposit of collected Govt. dues are personal liability on the directors the available
funds be utilized first for payment of Govt. dues. Second priority may be given to the pending Full and Final settlements for the employees left the organization. Next priority be given to employees payment i.e. salaries arid other dues etc and then suppliers / contractors liability.
Since as per the companies Act, workers have pari-passu rights with Secured Creditors
in proceeds from the sale of assets, it is resolved that total outstanding of employees
dues be worked out and be taken up with Secured Creditors i.e. SASF for necessary payments.
4. Closure of branch / marketing offices:
In the absence of any operations in the company it was resolved that all the branch / marketing offices be given required notice and vacated accordingly.
5. Cancellation of Sales Tax, Excise, Professional Tax registrations
In view of no operations in the company it was resolved that the registrations of Sales Tax, Professional Tax and Excise be surrendered for necessary cancellation. Mr. G S Rai is hereby authorised to sign the necessary papers for the same.
6. Shifting of records at ISP - Satarda
In view of the sale of assets to Tata Metaliks Ltd and handing over of physical possession to them likely on January 10, 2006 it was resolved to shift the entire records of the Company to ISP - Satarda.
7. Intimation to United Western Bank
As M/s. Tata Metaliks Ltd will be taking over the physical possession on January 10, 2006 necessary intimation has been given to United Western Bank as current assets lying at Redi plant are charged to United Western Bank.
(As per Board Decision BSE Bulletin dated on 09/01/2006)