Marg Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2019
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2019
1. ICICI, Financial Creditor, file a petition u/s 7 of Insolvency and Bankruptcy Code, 2016 against Marg Limited The NCLT has allowed the petition filed by financial creditor and ordered to commence corporate insolvency resolution process against the company under I&B Code 2016 in NCLT Order No. CP/541/(IB)/2018 dated 28th May,2019. The NCLT has appointed Mr K.Vasudevan as Interim Resolution Professional (IBBI/IPA-001/1P-P00155/2017-18/10324) vide order dated 28/05/2019. The public notice given on 31.05.2019.Pursuant to Section 17 of the IBC, 2016 the powers of Board of directors has been suspended and vested with IRP.
2. The Committee of Creditors (COC) has been Constituted u/s 21 of IBC 2016 and first meeting of the COC is scheduled and held on 19th August, 2019.Appellant-Promoter of the 'Corporate Debtor' submitted that the Appellant has settled the matter in terms of Section 12A of the 'I&B Code'. Committee of Creditors by majority voting share of 95.96% has approved the 'Terms of Settlement' made under Section 12A of the 'I&B Code. ICICI Bank Limited' (Financial Creditor) accepts that by majority voting share of 95.96%, the 'Committee of Creditors' has approved the 'Terms of Settlement' under Section 12A. Therefore, the 'ICICI Bank Limited' has moved the application before the Adjudicating Authority for withdrawal of application filed under Section 7 of the 'I&B Code'.NCLAT allowed the prayer made by 'ICICI Bank Limited' (Applicant of Section 7 of the I&B Code) to withdraw the petition filed under Section 7 of the I&B Code.In the result, the impugned order dated 28th May, 2019 for initiating the 'Corporate Insolvency Resolution Process' is set aside along with consequential steps taken. NCLAT ordered on 30.09.2019 that application under Section 7 filed by the 'ICICI Bank' is disposed of as withdrawn.The 'Corporate Debtor' is released from all rigour of law. The 'Resolution Professional will hand over the assets and documents to the 'Corporate Debtor' through Promoter.The 'Corporate Debtor' is directed to pay the stakeholders/creditors in terms of settlement reached under Section 12A within the period as approved by the 'Committee of Creditors failing which it will be open to the 'ICICI Bank' to file application for recall of this order and revival of 'Corporate Insolvency Resolution Process' against the 'Corporate Debtor'.
3. The NCLT has allowed the petition filed by financial creditor and ordered to commence corporate insolvency resolution process against New Chennai Township Private Limited being a wholly owned subsidiary under I&B Code 2016 in NCLT Order No. CP/636/(IB)/CB/2017 dated 05th July,2019. The NCLT has appointed Mr. L K Sivaramakrishnan, Resolution Professional (IBBI Registration Number IBBI/IPA-001/IP-P00045/2017-18/0119) vide order dated 05/07/2019. The public notice was given. Pursuant to Section 17 of the IBC, 2016 the powers of Board of directors has been suspended and vested with IRP.
4. Tata Capital limited, Financial Creditor, file a petition u/s 7 of Insolvency and Bankruptcy Code, 2016 against the company. The NCLT has allowed the petition filed by financial creditor and ordered to commence corporate insolvency resolution process against the company under I&B Code 2016 in NCLT Order No. CP/672/(IB)/2017 dated 20th March,2018. The NCLT has appointed Mr S. Rajendran as Interim Resolution Professional vide order dated 20/03/2018. The Corporate Resolution process commenced from 20th March, 2018. Mr S Rajendran has assumed the status of Resolution Professional (RP) on said date and issued a public notice was given on 23/03/2018. Pursuant to Section 17 of the IBC, 2016 the powers of Board of directors has been suspended and vested with IRP. The Committee of Creditors (COC) has been Constituted u/s 21 of IBC 2016 and first meeting of the COC is scheduled and held on 24th April, 2018. NCLT Chennai bench in its order dated 05.12.2018 ordering liquidation of Arohi Infrastrucsture Private Limited.
5. The above financial results have been reviewed by the audit committee and thereafter approved and taken on record by the Board of Directors in their respective meetings
6. The Statutory auditors of the company have conducted audit and audited financial results of the company for the fourjth quarter and year ended 31 Mar 2019. An qualified report has been issued by them thereon.
7. The figures for the Quarter ended March 2019 are balancing figures between the audited figures in respect of full financial year and the published year-to-date figure upto 3rd quarter of the respective financial year.
8. Previous period's figures have been regrouped / reclassified wherever necessary to correspond with the current period's classification / disclosure.