KLG SYSTEL LTD. - Adjournment of Board Meeting scheduled on May 29, 2013

KLG Systel Ltd has informed BSE that:<br/><br/>"Pursuant to receipt of intimation from our counsel Mr. Arun Nehra, dated May 24, 2013, we understand that the Hon'ble High Court of Punjab and Haryana has, in Company Petition No. 143 of 2012, in the matter of "The Bank of New York Melon Vs. M/s. KLG Systel India Ltd." admitted the petition for winding up of the Company and has ordered for its advertisement. We further understand that the said Hon'ble High Court has appointed an Official Liquidator as the provisional liquidator and directed him to take over the assets of the Company. However, certified copy of the aforesaid order of the Hon'ble High Court of Punjab and Haryana has not been issued as yet.<br/><br/>In opinion of the auditors of the Company the aforesaid Order of the said Hon'ble High Court is a development which materially affects the process of finalization of accounts of the Company for the year ended March 31, 2013, and the auditors have sought information from the management of the Company as to how the Company intends to proceed in the matter.<br/><br/>The Board of Directors of the Company awaits certified copy of the Order of the Hon'ble High Court of Punjab and Haryana to deliberate the same with its legal advisors and decide on the future course of action in the said matter. The banks of the company have also called for a joint lender meet on May 30, 2013 to decide course of action.<br/><br/>In the above circumstances, the meeting of the Board of Directors of the Company scheduled to be held on May 29, 2013, for the purposes of, amongst others, finalise the annual accounts of the Company as at/ for the year ended March 31, 2013, has been decided to be adjourned to a later date, subsequent to the Board of Directors deciding the course of action in the aforesaid matter.<br/><br/>The Company has also accepted the resignation of Mr. R. P. Singh from the Directorship."