KARUTURI GLOBAL LTD. - Intimation about Extension of A G M

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KARUTURI GLOBAL LTD. - Intimation about Extension of A G M

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17 Sep 2014
Karuturi Global Ltd has informed BSE that the Company have applied to ROC-Bangalore seeking permission to extend the date of AGM to a maximum period of 3 months on September 04, 2014.<br/><br/>The reason for seeking extension is Karuturi Limited (Subsidiary Company) having major business in Kenya, has been going through legal processes with its banker in the recent times. The CFC Stanbic Bank Limited, Kenya, the banker of the subsidiary company has appointed receivers for the subsidiary company and on all the properties of the said company. Due to this issue the company do not have any access to the accounts of its subsidiary company in Kenya. In spite of several requests made to the appointed receivers the company has not received any inputs on the accounts of the company for the year ender 31st march 2014 till date. In these circumstances it would be difficult for the company to prepare the consolidated accounts of its subsidiaries at this point of time. Please further note that the said subsidiary has transaction with other subsidiaries also, due to which even other subsidiaries account finalization is also not complete. However the company after failing to get the accounts of the above said subsidiary company from the Receivers has approached the Kenyan High court seeking to compel the receivers/Managers appointed by the CFC stanbic Bank Ltd, to provide the audited accounts of the company.<br/><br/>In this respect the Company have sought ROC approval as per the section 96 of the company's act 2013 citing our special reason as above to extend the time within which the annual general meeting is to be held for 3 months beyond September 30,<br/>2014.
View all announcements for KARUTURI GLOBAL LTD.	Source: BSE India

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