SASF reinstates Negotiated Settlement (NS) of Polar Pharma

With reference to the earlier announcement dated September 15, 2006, where in the Company had informed that Stressed Assets Stabilisation Fund (SASF), New Delhi has approved a Negotiated Settlement (NS) vide its letter dated July 28, 2005 in respect of the debt obligation of the Company, and due to default in payments, SASF has withdrawn the NS. Further the Company was in process of submitting them a requisite representation alongwith proper justification and requesting them to consider restoration of the said NS, Polar Pharma India Ltd has announced that the Company made to SASF on September 20, 2006, Stressed Assets Stabilisation Fund (SASF), New Delhi has reinstated the Negotiated Settlement (NS) vide its letter dated September 28, 2006.

Further the company has informed that a copy of the SASF letter dated September 28, 2006 was placed before the Board of Directors of the Company in its meeting held on October 20, 2006, and the same was noted by the Board in the said meeting.

Source : Equity Bulls

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