Outcome of board meeting of Mukat Pipes

Held on 18 July 2015

Mukat Pipes announced that the Board of Directors of the Company at its meeting held on 18 July 2015, inter alia, has considered the following business:

1. The Board of Directors took note of the order received from BIFR dated 19 February 2015.

2. As directed in the BIFR Order dated 19 February 2015 the Board decided to Reduce the Paid up Equity Share Capital of the Company from 78,30,000 equity shares of Rs. 10/- each to 78,30,000 equity shares of Rs. 5/- each. Accordingly after de-rating, Authorised equity share capital of Rs. 10,00,00,000 will remain same, consisting of 2,00,00,000 equity shares of Rs. 5/- each.

3. As directed in the BIFR Order dated 19 February 2015 the Board decided to make allotment of shares to the Promoters by converting the loan into equity as per the Scheme approved by the BIFR.

4. As suggested in the Rehabilitation Scheme and as allowed in BIFR Order dated 19 February 2015 the Board decided to approach Regional Director to consider shifting of Registered Office of the Company from the State of Maharashtra to the State of Punjab.

5. The Board of Directors took on record, an appeal filed to AAIFR for further concessions in certain matters.

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