Garware Polyester - Updates

Garware Polyester Ltd has informed BSE that the Company has completed the redemption of 16% Secured Redeemable Non Convertible Debentures (SRNCD), aggregating to an amount of Rs
24,90,20,000 (Rupees Twenty Four Crores and Twenty Thousand only).

As per terms of the issue, in the year 2000-2001 the whole debentures issued to public were fully redeemed and debentures issued to the financial institutions were redeemed partly, thereby leaving a balance of Rs 1206.75 lacs to be redeemed on future date. As is prevalent from the records of Exchange, the balance SRNCD of Rs 1206.75 were listed on the Stock Exchange.

Pursuant to the One Time Settlement (OTS) schemes sanctioned by various financial institutions like IDBI, UTI, LIC, GIC, New India Assurance Co (NIA) and National Insurance Company (NIC), the Company completed the redemption of the balance portion in full in the month of March 2009.

The Company received NOC from the last outstanding Debenture-holder viz. UTI on March 05, 2009, and the corresponding satisfaction of charge with respect the subject series of debentures was filed with ROC on March 25, 2009. However the Company received the Certificate of Memorandum of Satisfaction of Charge dated April 16, 2009 issued by ROC.