Polar Industries to review the status of company´s sickness

Polar Industries Ltd has announced that the Board of Directors of the Company at its meeting held on August 25, 2006 has approved extension of financial year of the Company by six months i.e. upto September 30, 2006 and also extension of time for holding Annual General Meeting for the financial year 2005-06 by 3 months i.e. upto March 31, 2007, subject to approval of Registrar of Companies, West Bengal.

Further the company has informed that the Board has decided to review the status of sickness of the Company in terms of provisions of the Sick Industrial Companies (Special Provisions) Act, 1985 on the basis of audited accounts for the accounting period ended September 30, 2006 (18 months) and accordingly no reference is being made to BIFR based on opinion formed in their meeting held on June 28, 2006.

The board has appointed Mr Vikram Prakash as an Additional Director of the Company.

Source : Equity Bulls

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