Bombay Wire Ropes Ltd

Bombay Wire Ropes Ltd

Bombay Wire Ropes Ltd was incorporated in the year January 18 1961. During the year 2013 Company closed down its wire rope factory situated at Kolshet Road Thane. During the year under review the plant and machinery as well as the stocks at the wire rope factory have also been disposed off. The Company has also discontinued its activity of manufacturing wooden furniture in the year under review.The Company along with its erstwhile developer as a confirming party had entered into an agreement dated 29th December 2005 with a developer for grant of development rights in the land owned by the Company. The said agreement was thereafter terminated by Company on 2nd November 2007 on certain grounds and dispute arising thereof was referred to arbitration. The Arbitral Tribunal vide its Award dated 15th June 2011 had set aside the said termination and directed the Company as well as confirming party to execute a conveyance of the property in favour of developer against receipt of balance consideration against the agreement along with interest thereon by the Company as well as the confirming party. Based on expert legal advice the Company and confirming party had challenged the said award in the Hon'ble High Court of Bombay which had admitted their appeal.During the year under review the Company and the confirming party have negotiated and settled their disputes with developer and resultant consent terms dated 13th July 2012 have been approved by the High Court in terms of which the aggregate consideration payable to the Company by the developer has stood enhanced to Rs.28.64 crores from Rs.11 crores.The Company redeemed 35000 9.50% Non Convertible Cumulative Redeemable Preference Shares during the year 2013 in pursuance of a shareholders resolution dated 31st August 2012 through a process of Postal Ballot.During FY2013 the Company transferred 5000 9.50% Non Convertible Cumulative Redeemable Preference Shares to Current Liabilities as there has been no response to the Notice given by Company to the holder of these shares.The Company sub-divided equity shares of Rs. 10/- into equity shares of Rs. 1/- each through Ballot process and consequential alterations in Memorandum and Articles of Association of the Company during the year 2016.