| Disclosure in board of directors report explanatory DIRECTORS’ REPORT Dear Shareholders, Your Directors have pleasure in presenting the Thirty Third Annual Report and Audited Accounts of your Company, together with the Schedules and Notes thereon, for the Financial Year ended 31st March, 2018.
public shareholders of the Company for the acquisition and voluntary delisting of fully paid-up equity shares of Rs.10/- each (“Shares”) of the Company in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 and in accordance with SEBI Delisting Regulations, the Acquirer fixed the exit price at Rs.40/- per Share (“Final Price”) calculated by the reverse book building process using the electronic facility of the BSE.
Particulars | 2017-18 | 2016-17 | Net Turnover | - | - | Gross Operating Profit (Loss) | (1.39) | 1.29 | Less: Interest | - | - | Profit (Loss) Before Dep. & Tax | (1.39) | 1.29 | Less: Depreciation | 0.05 | 0.05 | Profit/(Loss)Before Extraordinary item | (1.44) | 1.24 | Profit/ (Loss) Before Tax | (1.44) | 1.24 | Prov for Taxes of earlier years | - | 0.02 | Profit (Loss) After Tax | (1.44) | 1.22 |
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FINANCIAL RESULTS: PERFORMANCE:
(Rs. in Crores)
Accordingly, your company had paid final price fixed to the shareholders those who have opted for exit offer process thereby the promoter group’s holding in the company increased to 92.05% of equity share capital of the company (which is presently 98.11%). Further,w.e.f. 10th November, 2014 the shares are discontinued for trading from the both the listed Stock Exchanges i.e., BSE Ltd and National Stock Exchange of India Ltd.In accordance with Regulation 21 of the SEBI Delisting Regulations, the Acquirer has provided an exit opportunity (Exit Offer) to the public shareholders who continue to hold shares in
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