Press Information Bureau

Government of India

Ministry of Corporate Affairs

12-December-2011 18:58 IST

The Transferor Company i.e. Basti Sugar Mills has complied with the requirements of clause 24(f) of the Listing Agreement of SEBI by writing a letter to the Delhi stock Exchange before filing the Scheme to the Hon’ble High Court of Delhi.

A complaint has been received by the Hon’ble High Court , Delhi (Appeal No. 909 0f 2011 in Company Application No. 71 0f 2011) on which the court vide order dated 18-05-2011 granted liberty to the complainant to file objection at the time of second motion stage and further directed him to forward his objections to the Regional Registrar of Companies so that they can consider the same while filing their replies at the time of second motion stage. As per these directions of the Court, a complaint has been received by the Regional Director Northern Region) on 28-11-2011.

The Department of Food & Public Distribution (Directorate of Sugar) has informed that the information on Sugar stocks kept by the sugar mill operators with the bank is not maintained by the Directorate.

The Minister of State for Ministry of Corporate Affairs Shri R.P.N. Singh gave this information in a written reply in Rajya Sabha today.

ST/bs

Listing agreement compliance required stock exchange notice before scheme filing; objections permitted at second motion stage. The Transferor complied with Listing Agreement obligations by notifying the stock exchange before filing a scheme; a complaint was permitted by the Court to be filed as an objection at the second motion stage and was directed to be forwarded to the Regional Registrar/Director for consideration when replying at that stage. Separately, the Directorate reported it does not maintain records of sugar stocks kept by mills with banks.