The Board considered that the Company's Equity Shares are listed with the Bombay Stock
Exchange Limited and Calcutta Stock Exchanges and there is no trading or negligible
trading of equity shares since listing at the Calcutta Stock Exchange. However, the
Company's shares are regularly being traded at the Bombay Stock Exchange (BSE). Therefore,
in terms of the Securities and Exchange Board of India (Delisting of Equity Shares)
Regulations, 2009 including any statutory modifications or amendments or re-enactments
thereof ("SEBI (Delisting) Regulations") and applicable provisions of all other
Acts and Regulations of respective authorities, the Companies have been permitted for
voluntary delisting of shares including from the Regional Stock Exchange, subject to the
compliance of the terms and conditions of the said regulations.
The company has not been suspended by any of the recognised Stock exchanges having
nation-wide trading terminals for any non-compliance in the preceding one year.
The Board further considered that the Bombay Stock Exchange Limited (BSE) is having
nationwide trading terminals and the investors have access to trade and deal in Company's
shares across the country and listing on the Calcutta Stock Exchange (CSE) are not
providing any significant tangible advantage to the shareholders and investors of the
Company and the Company should take effective steps for voluntary delisting of the
Company's Equity Shares from the Calcutta Stock Exchange Limited (CSE) and continue its
listing only with the Bombay Stock Exchange Limited (BSE) to avoid unnecessary financial
and administrative burden due to multiple compliance of the various Regulations under the
applicable rules and regulations prescribed by the SEBI and other related provisions from
time to time and to provide better services to the investors through the nationwide Stock
Exchange terminal.
None of the Directors and Key Managerial Personnel of the Company and their relatives
is concerned or interested, financially or otherwise, in the resolution set out at Item
No. 4 of the Notice. This statement may also be regarded as an appropriate disclosure
under the Listing Regulations. The Board commends the Special Resolution set out at Item
No. 4 of the Annual General Meeting Notice for approval by the members.
Sd/-
Manishkumar R. Shah
Chairman cum Managing Director
DIN: 01936791.