dcm hyundai ltd Management discussions


DCM HYUNDAI LIMITED ANNUAL REPORT 2004-2005 MANAGEMENT DISCUSSION AND ANALYSIS OPERATIONS : In the year under review, the company has developed prototype of Genset Containers and after successful test the orders are being received from overseas customers. The company is planning to establish genset containers as a second commercially viable product. REFERENCE UNDER SICA: Following the settlements reached with the banks in earlier years, the Company/promoters are negotiating with CDC for a mutually acceptable settlement which if reached, will require the permission of the RBI. Asset Reconstruction Company (India) Ltd., which was assigned the loan by ICICI Bank Limited has given a notice u/s 13(2) of the SARFAESI Act calling upon the Company to repay the principal and interest on the loan provided to the Company. The Company has objected to the notice on legal grounds. The two Banks which had provided Working capital to the Company and which continue to have a charge on the assets of the Company have also objected to the notice.