The Directors present herewith Ninety Second Annual Report together
with Audited Accounts for the year ended 31st March, 1999.
(Rupees in Lacs)
The working for the year showing an
operating loss of 18.55 32.72
Add : Previous years loss of 17,960.37 17,927.65
There remains a carry forward loss of 17,978.92 17,960.37
WORKING RESULTS AND TRADING CONDITIONS
The Mills have not been operating for the past four years as they are
closed since June 1995 due to non availability of Working Capital
Finance. On 31st December, 1995, BIFR has confirmed its prima-facie
opinion that it is just and equitable to wind up the Company. The
Company had preferred an appeal before the AAIFR, New Delhi against the
winding up order. On 15th January 1998, AAIFR has dismissed the said
appeal. However, the Workers' Union have filed a petition against the
order of BIFR/AAIFR in the Bombay High Court. The matter is pending
for decision of the High Court, Bombay.
Apart from the above, SBI/IDBI have filed the Civil Suit against the
Company in 'satisfaction of their claims. In view of Court's Order dt.
16th November, 1998, High Court of Bombay directed that Court Receiver
has been appointed to take the physical possession of the suit
properties. The matter is still pending with Court Receiver, High
The Company has disputed Excise claim of an aggregate amount of Rs.9.63
The Income Tax Assessment of the Company has been completed upto 31st
March, 1997 (Assessment Year 1997-98).
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE & OUTGO
Due to non-operations, the Company has no activities relating to
conservation of energy and technology absorption. There were no
earnings or outgo in foreign exchange. Thus, information pursuant to
Section 217(e) of the Companies Act, 1956 has not been given.
PARTICULARS OF EMPLOYEES
The Company does not have any employees to whom provisions of Section
217(2A) of the Companies Act, 1956 are applicable.
Shri S.G. Vaidya retire by rotation and being eligible, offer himself
Shri S.D. Rajwade has resigned from the Directorship of the Company
w.e.f. 10th December, 1998.
Shri A.D. Gupte has resigned from the Directorship of the Company
w.e.f. 30th June, 1999.
The Board of Directors placed on record its warm appreciation of the
valuable services rendered by them to the Company during their tenure
The Auditors M/s. Chandabhoy & Jassoobhoy, Chartered Accountants hold
office until the conclusion of the ensuing Annual General Meeting. The
Company has received confirmation from the Auditors that they are
eligible under Section 224(1) of the Companies Act, 1956 to be
reappointed as Auditors of the Company.
You are requested to appoint Auditors to hold office until the
conclusion of the next Annual General Meeting and to fix their