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GSL (India): Updates on Financial Results

GSL India Ltd has informed BSE that :

'The company is not in a position to submit the Result under Clause 41 of the Listing Agreement because Asset Reconstruction Company of India Ltd. (Arcil) had taken over physical possession of all the secured assets of the company in May 2011 and through public notice auction was completed and sale certificate issued to M/s. Shreeji Krupa Spinners Pvt. Ltd.

On 02.07.2011 possession of all the assets have been handed over to M/s. Shreeji Krupa Spinners Pvt. Ltd. While handing over possession of all assets, Arcil unlawfully handed over all documents and records of the Company since incorporation also including computers where all the data were stored Therefore the company is unable to prepare and finalize the Annual Accounts of the Company since 2011, i.e. for the year ended 31.03.2011 onwards.

The Company has challenged this sale of assets in Mumbai and Gujarat High Courts, which is pending for adjudication in the courts.

We have already moved application in the court and DRT for getting back all our records from the unlawful possessor and matter is pending in the court'.