"This has reference to our letter dated May 21, 2012 informing you about the Board Meeting to be held on May 30, 2012, inter alia, to consider and approve the Audited Financial Results for the year ended March 31, 2012.
The Audit Committee met as scheduled but unfortunately the Audit Committee Chairman was abruptly called away to attend to a personal emergency.
It was therefore decided that since the main item on the agenda for the meeting was consideration of the Audited Financial Results for the year ended March 31, 2012, it would be inappropriate in terms of compliance and also not in the interest of investors, to have the same considered and recommended! approved by the Audit Committee and Board of Directors without the consent of the Audit Committee Chairman, more so because the Audit Committee Chairman has to be present at the Annual General Meeting to answer queries of shareholders in relation to audit. While the Board of Directors is conscious of the fact that this may lead to technical non-compliance of the listing requirements, given the unforeseen circumstance beyond the control of the Company, we request you to condone this technical non compliance in the interest of investors and in the interest of upholding good Corporate Governance practices by the Company. It is proposed to schedule a meeting not later than next week to consider and approve the Audited Financial Results for the year ended March 31, 2012.
In the meanwhile, in the interests of investors and in line with good Corporate Governance practices, though not in the format required by Clause 41, we are publishing UNAUDITED FINANCIALS for the year ended March 31, 2012 containing requisite information, a copy of which is enclosed.."