MOVILEX IRRIGATION LTD. - Updates

Movilex Irrigation Ltd has informed BSE as under :<br/><br/>"As the Company incurred huge losses since financial year 2000-01, it was declared as SICK Company by BWR vide case no. 397/2001 dt. October 16, 2001.<br/><br/>The Assets of the Company were acquired by the Secured Creditors and were auctioned by them in the year 2006 by exercising powers under SARFAESI Act 2002.<br/><br/>Presently the Company and its Directors has no assets and are facing recovery proceedings in courts for personal guarantees.<br/><br/>Due to huge accumulation of losses the Company has no option but to get wound up in due course."