Polar Pharma India Ltd has informed BSE that the Company has participated in the annual tender for procurement of male condoms floated by Ministry of Health & Family Welfare (MHFW), Govt. of India. The tender has closed on July 10, 2012. The tendering authority has not yet issued supply order to any of the condom manufacturers in the private sector so far during the last five months since closure of the tender for taking supplies for the current FY 2012-13. There being no order book the company is incurring cash losses on a consistant basis. The management is completely exhausted of all its resources.<BR><BR>Viewing the prevailing uncertainty & continuing cash losses the management has no other option but to declare discontinuation of the business operation of the Company.<BR><BR>The Company has also requested to all its secured lenders to take immediate possession of the secured assets. The management will also make requisite submission before BIFR, Delhi in the ensuing hearing to be held on December 17, 2012.