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SEL Manufacturing Company Ltd.

BSE: 532886 Sector: Industrials
NSE: SELMCL ISIN Code: INE105I01012
BSE 00:00 | 01 Jun 0.49 0
(0.00%)
OPEN

0.49

HIGH

0.49

LOW

0.49

NSE 00:00 | 01 Jun 0.40 0
(0.00%)
OPEN

0.35

HIGH

0.40

LOW

0.35

OPEN 0.49
PREVIOUS CLOSE 0.49
VOLUME 18800
52-Week high 1.10
52-Week low 0.39
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.49
Buy Qty 1200.00
Sell Price 0.51
Sell Qty 271.00
OPEN 0.49
CLOSE 0.49
VOLUME 18800
52-Week high 1.10
52-Week low 0.39
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.49
Buy Qty 1200.00
Sell Price 0.51
Sell Qty 271.00

SEL Manufacturing Company Ltd. (SELMCL) - Chairman Speech

Company chairman speech

Dear Shareholders

Our vision is based on hard work open communication a strong emphasis on team workand a high level of responsibility. This visionary culture allows and emphasis our teamnot only to adopt the present day challenges but also individual responsibilities to thesociety and our nation at large.

We believe in the creation of long-term value for both society and stakeholders thatmakes it unique. We apply this philosophy in a manner that touches all our stakeholdersacross the value chain: consumers communities around our factories employeesassociates vendors and investors. With a young and strong leadership team we endeavor toleverage talent innovation and speed-to-market to realize our global aspirations andharness the opportunity of a young and growing India.

However we have been facing difficult operating environment due to liquidity crunch asthe credit facilities envisaged and sanctioned under CDR package were not released by thelenders to the Company which resulted in sub-optimum utilization of manufacturingfacilities. Due to non-disbursement of funds the Company could not complete one of itsspinning projects where substantial amount was already incurred. All this has led toadverse financial performance and erosion in net worth of the Company. The company alsohas been facing cash flow mismatch and is not able to serve debt obligations.

The Corporate Insolvency Resolution Process (CIRP) under "Insolvency andBankruptcy Code 2016" (IBC) has been initiated for the Company after the petitionfiled by State Bank of India in its capacity as financial creditor was admitted by theHon'ble National Company Law Tribunal Chandigarh Bench (NCLT). However the CorporateInsolvency Resolution Process (CIRP) has been kept in abeyance vide order dt. 22nd June2018 of Hon'ble High Court of Punjab & Haryana.

I would like to extend my gratitude to all our stake holders including shareholderscustomers lenders and our loyal hardworking and committed employees for their continuedsupport and faith in the Company.

With best wishes

Ram Saran Saluja

Chairman