Modi Rubber Ltd Management Discussions

Your company still could not take back possession of its Modinagar plant from the Official Liquidator (OL) appointed by the Allahabad High Court in the case of MEPL from which your Company has taken industrial shed and Land on perpetual lease on which Modinagar Plant was set-up.

Your Company had made an application to the Allahabad high court for inspection of Modinagar plant so as to ascertain condition/damage of plant and machinery due to fire, rain & thefts, and to take further action by the management, application yet to be taken-up by the honorable court.

Your company is also taking several steps to utilize its real estate resources. Your Company have been taking actions to get re-possession of Companys properties which were occupied by illegal occupants/Ex- Employees. Efforts include legal recourse, and also settlement wherever possible pursuant to scheme sanctioned by BIFR.

Your Company have been keeping adequate internal control system and have been deploying surplus fund in market instruments for return.

Your Company has employed 15 employees to run its present operations. None of the senior Management of the Company has any personal interest in any of commercial transactions that may have a conflict with operations of the Company.