The financial year 2020-21 has been extremely challenging as plannedinfusion of funds into the Company got further delayed due to the prolonged and ongoingimpact of COVID-19 due to new variants of virus that are causing continued impactglobally. Inspite of these challenges the Company ensured to serve the existing customersglobally to then- satisfaction to the best possible extent within the available resourcesand bandwidth.
While the Company has been working with the investors to complete thefinancial transaction the Company along with two Indian subsidiaries have been admittedto National Company Law Tribunal (NCLT) effective 13th May 2021. Hon'ble NCLTin turn appointed an ERP. Promoter of the company filed an appeal with Hon'ble NationalCompany Law Appellate Tribunal (NCLAT) on 28th May 2021 and also filed SpecialLeave Petition (Civil) with Hon'ble Supreme Court of India on 07th August 2021for setting aside these NCLT orders as the Company has been working towards resolvingthese matters. Hon'ble Supreme court was kind enough to dismiss the NCLT proceedingagainst the Company and subsidiaries and Company received dismissal orders on 13thSeptember which enabled the Company to reinstate it's Board of Directors. Businessoperations of the Company got severely impacted during these four months of legalproceedings. Company ensured to work very hard to bring the core financial and othersupport teams to complete FY 2020-21 financial reports and audit process as on 2ndNovember 2021. Subsequently completed financial audit of quarter one and quarter two of FY2021-22 as on this date.
The Company continues to work with the investor 'The Streamcast Group'as per the Definitive Restructuring Services Agreement (RSA) dated 6thAugust2019 for an investment of Rs. 5500 crores. This will assist Rolta in repayment andrestructuring its liabilities including providing financial assistance. We expect thisrestructuring process to get completed at the earliest possible during the ongoing FY2021-22 if the statutory clearances from the European authorities are available to theinvestor as per the COVID-19 situation locally in EU. This investment will help Company torevive and normalise its business operations during FY 2022-23.
|K. K. Singh |
|Chairman & Managing Director |
|December 08 2021 |
|DIN: 00260977 |