Solid Containers Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2021

1. The above unaudited financial results, prepared in accordance with the Indian Accounting Standards (Ind AS), the provisions of the Companies Act, 2013 and guidelines issued by the Securities and Exchange Board of India, have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 02 February 2022. The statutory auditors have carried out a limited review of the results for the quarter and nine month period ended 31 December 2021.

2. The Company is not carrying on any manufacturing Operations since September 1998, as it is commercially viable. The company has substantial accumulated losses. The net worth of the Company has been fully eroded due to the accumulated losses. In view of the above, the company is no longer a going concern. However the accounts have been prepared on the going concern basis as the management are exploring possible steps to revive its operations.

3. The Company has requested Fair play Properties Private Limited (formerly Adaxial Consultancy services Pvt Ltd (Lender), that due to the Company's financial condition and the present COVID-19 Pandemic environment in the Country, it would be difficult for the Company to pay interest on the Inter Corporate Deposit (ICD) of amounting to Rupees 39,00,73,462/- and therefore have requested to waive the interest. The Lender has acceded the request to waive of the interest for the financial year 2021-2022.Hence no provision made for the same during the period.

4. The Auditor has reported in its report that the Company is not carrying on any manufacturing operations and has incurred substantial accumulated losses and consequently the net worth of the Company has been fully eroded. The matter was reviewed internally and the management is of the view that the accumulated losses are mainly because of closure of commercial operation for years due to various reasons including unfavourable market conditions and other reasons whereas the Company continue to incur compliance and other cost. However, the Management is exploring possible steps in this respect and hopeful for revival measures.

5. The Board of Directors and shareholders of the Company have approved the special resolution for voluntary delisting of equity shares having face value of Rs. 10/- (Rupees Ten only) each from BSE Limited, where presently the equity shares of the Company are listed, in accordance with Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021, as amended, on November 19, 2021 and December 23, 2021, respectively.

6. The Company has received in principle approval for delisting of its equity shares from BSE Limited vide letter no. LO/Delisting/SC/IP/363/2021-22 dated January 24, 2022.

7. In context of COVID-19 environment, the Company continues to monitor the developments and is taking necessary precautions however it has no impact on the revenue of the Company.

8. The number of investors complaints at the beginning and at the end of the Quarter were Nil.

9. Figures for the previous quarter/year have been regrouped/rearranged wherever considered necessary.