Ras Propack - BIFR Order for rehabilitation and revival

With reference to the earlier announcement by the Company and the Co-Promoters of the revival scheme, Essel Propack Ltd dated August 13, 2007, Ras Propack Lamipack Ltd has informed BSE that the Company confirm the receipt of the BIFR Order dated February 17, 2009. The same was tabled at the Company's Board Meeting held on March 13, 2009.

The salient features of the said order are as under:

(a) Promoters / Co-Promoters should subscribe to equity of Rs 821.82 lacs and Co-Promoters shall bring an interest free loan of Rs 300.00 lacs for revival of the Company.

(b) The existing paid up share capital of the Company shall stand reduced by 95%.

(c) Payments to Banks / FI's towards their dues as per OTS, within 90 days of sanction of the scheme.

(d) Payments to unsecured creditors within 90 days of sanction of the scheme.

(e) Payment of statutory dues and other liabilities within the first year of revival as mentioned in the scheme and granting concessions / relief as per the applicable provisions of the Central and State Government, as applicable to Sick Companies for their early revival.

(f) Extension of the EPCG License by DGFT, to complete the remaining export obligation by the Company as per the foreign trade policy applicable to Sick Companies.

(g) Government of Maharashtra to declare the Company a Relief Undertaking, under the provisions applicable to SICK Companies under their Industrial Policy, for the relief and concessions for Sale Tax, VAT, Electricity charges, etc.

(h) To grant waiver of outstanding ECB loan to the Company.