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Laxmi Vishnu Textile Mills Ltd.

BSE: 502955 Sector: Industrials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Laxmi Vishnu Textile Mills Ltd
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Laxmi Vishnu Textile Mills Ltd. (LAXMIVISHNUTEX) - Director Report

Company director report

THE LAXMI VISHNU TEXTILE MILLS LTD. DIRECTORS' REPORT To The Members, Your Directors present herewith Ninety First Annual Report together with Audited Accounts for the year ended 31st March, 1998. WORKING RESULTS AND TRADING CONDITIONS: The Mills have not been operating for the past three years as they are closed since June 1995. APPEAL TO APPELLATE AUTHORITY FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION(AAIFR): The Company had preferred an appeal before the Appellate Authority against the impugned order dated 31st Dec. 1996 passed by the BIFR recommending the winding up of the Company. The Appellate Authority vide its order dated 15th Jan. 1998 has dismissed the said appeal. However, the Workers' Union has filed petition in High Court of mumbai against AAIFR order. EXCISE DUTY: The Company has disputed Excise Claims of an aggregate amount of Rs.9.63 Crores. TAXATION: The Income Tax Assessment of the Company has been completed upto 31st March, 1995 (Assessment Year 1995-96). CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION FOREIGN EXCHANGE & OUTGO: Due to non-operations, the Company has no activities relating to conserva tion of energy and technology absorption. There were no earnings or outgo in foreign exchange. Thus, information pursuant to Section 217(e) of the Companies Act, 1956 has not been given. PARTICULARS OF EMPLOYEES: The Company does not have any employees to whom provisions of Section 217(2A) of the Companies Act, 1956 are applicable. DIRECTORATE: Two of your Directors viz. Shri. M.L. Apte and Ms. Janhavi Apte-kothari retire by rotation and being eligible, offer themselves for reappointment. State Bank of India has withdrawn its Nominee, Shri. P.B. Kothari as Direc tor (Finance ) on the Board w.e.f. 31st December, 1997. The Board of Directors place on records its warm appreciation of the valuable services rendered by Shri. P.B. Kothari to the Company during his tenure as Direc tor. AUDITORS' REPORT As regard the observation of the Auditors in the Auditors' Report, the relevant explanations given in the notes to accounts are self-explanatory. AUDITORS The Auditors M/s. Chandabhoy & Jassoobhoy. Chartered Accountants hold office until the conclusion of the ensuing Annual General Meeting. The Company has received confirmation from the Auditors that they are eligible under Section 224(1) of the Companies Act, 1956 to be reappointed as Audi tors of the Company. You are requested to appoint Auditors to hold office until the conclusion of the next Annual General Meeting and to fix their remuneration. On behalf of the Board of Directors Place : Mumbai M.L. APTE Dated : 25th August, 1998, Chairman