Letter to Fixed Deposit Holders

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Pharmaceuticals Ltd.
Date
Regd. Office:
"Elder House"
Plot No. C-9, Dalia Industrial, Estate,
Off Veera Desai Road,
Andheri (W), Mumbai - 400 053.
Tel. : +91-22-26730058 to 67
Fax. : 2673 0051.
CIN: L24239MH1983PLC029714
10th Feb 2015
To
Respected F.D. Holders
Dear Sir / Madam,
Re: BEFORETHE COMPANY LAW BOARD, MUMBAI BENCH, MUMBAI, IN THE MATTER OF ELDER
PHARMACEUTICALS LIMITED HAVING ITS REGISTERD OFFICE AT ELDER HOUSE, PLOT NO. C-9,
DALIA INDUSTRIAL ESTATE, OFF. VEERA DESAI ROAD, ANDHERI (WEST), MUMBAI - 400053.
COMPANY REGISTRATION NO. 11-29714
CA NO. 22 OF 2015
IN
CA NO. 50 OF 2014
1.
Please note that the above Application has been filed on behalf of the Company before the
Company Law Board, Mumbai Bench being CA No. 22 of 2015 in CA No. 50 of 2014. The said Application
th
has been made in view of some Orders passed by the Hon'ble High Court, Mumbai dated 5 December,
th
th
2014 and
December, 2014 which were uploaded only on 6 January, 2015 and 20 January, 2015,
respectively. These Orders were not available with the Company when the earlier Application for
Extension was made before this Hon'ble Forum. The relevant extract of the said Order passed by the
Hon'ble High Court injuncting the Company is reproduced herein below :-
u"
"ra) There shall be an Order and Injunction restraining the Company from creating
any Third Party rights of any nature, in any of their assets, moveable and
immoveable, without the leave of this Court. Save and except in the Ordinary
course of business. This Injunction shall enure till the passing of the Order in
the Arbitration Proceedings and for a period of 4 weeks thereafter, if not earlier
varied by this Court. "
2.
Similar Orders were also passed by the Hon'ble High Court in the following Arbitration Petitions i.e.
Arbitration Petition No. 984 of 2014, Arbitration Petition No.1150 of 2014, Arbitration Petition No. 1133
of 2014, Arbitration Petition No. 1087 of 2014, Arbitration Petition No. 1146 of 2014, Arbitration Petition
No. 1084 of 2014 and Arbitration Petition No.1403 of 2014.
3.
In the meanwhile, in a Winding Up Petition filed by Tata Capital, the Hon'ble High Court has
passed an Order directing one of the Applicants i.e. Axis Trustee Bank to value the Corporate Office of
the Company and submit the valuation to the Hon'ble Court on 11th February, 2015. In the said
Proceedings the Company has also offered to sell 3 of its properties namely Plot No. C-21/2, Pawane,
Thane, Plot No. D-219, 219/1 and 220, Shirawane, Thane and Land at Charba, Dehradun, Uttarkhand so
that the amounts can be generated to pay all the liabilities including yourselves.
4.
In view of this, at present the condition of the Company is precarious in as much as they want to
liquidate assets and generate funds but are restrained to do so by virtue of Orders passed by this Hon'ble
High Court.
5.
The said Application was mentioned on 5th February, 2015 and these issues were pointed out to
the Hon'ble Court and in fact informed the Hon'ble Court that there was no intention on the part of the
Company to deprive payments but on the contrary, the Company was trying its level best to clear the
same. The Hon'ble Member Mr. A.K. Tripathi sitting in the Company Law Board was informed of the
various Orders passed and that the Company was totally handicapped and though every intention is there
to pay all the FD Holder they were in a precarious situation and could not do so immediately.
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• Website: http://www.elderindia.com
•
AN ISO 9001:2000
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6.
The Hon'ble Member appreciated the said Submissions and has listed the said Application for
hearing on 6th April, 2015 and has agreed to hear the same at length. The Hon'ble Member has also
directed the Company to complete formalities and follow the procedure. The Company is in a process of
publishing the Advertisement to all FD Holders. In the meanwhile, the Company has been directed to
circulate this notice to the FD Holders regarding the Application filed before the Company Law Board as
well as the
current situation which the Company is facing. Copies of the Orders are uploaded and can be inspected
on the Internet on the Bombay High Court site. Despite this, if any clarification is required by any FD
Holder, they may contact us on :(i)
Dedicated Email Id: [email protected] wherein you may address your queries
which will be replied at the earliest.
(ii)
Landline Numbers: 91 22 26730054 / 26730069 You may call between 10.00 a.m.
to 5.00 p.m. (Monday - Friday) to resolve your queries / complaints.
(iii)
The Company will regularly update you on the progress it is making to resolve your
queries so that you are aware of the situation and it will help you ease your concerns'on
the deposrts.
(iv)
In the near future we will be uploading latest circular and communication on our website
www.elderindia.com under "F.D. Announcement Section" for you all to view and
download.
7.
We thank you and once again apologize for the inconvenience caused to you and would like to
reassure you of our endeavor to resolve the issue at the earliest and thank you for standing by us and
having faith in the Company
Yours sincerely,
For ELDER PHARMACEUTICALS LIMITED
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DR. ANUJ SAXENA
CHIEF OPERATING OFFICER