This is in continuation to our letter dated June 20, 2019, informing about the Board's decision to issue 2,40,000, 8.5% Non Convertible Cumulative Redeemable Preference Shares ('NCCRPS') of Rs. 100/- each to existing holders of such Preference Shares, in lieu of the redemption of 1,50,000 12% NCCRPS together with unpaid dividend, subject to necessary approval by the members and National Company Law Tribunal ('NCLT') under Section 55(3) of the Companies Act, 2013 ('the Act'). The Company upon the approval by the Equity Shareholders on September 03, 2019 filed an application under Section 55(3) of the Act, with NCLT, Allahabad Bench on September 05, 2019. The said Bench reserved the Order on September 22, 2020 followed by its pronouncement on September 24, 2020 whereby it allowed our application under Section 55(3) of the Act, thereby allowing the Company to issue 2,40,000 8.5% NCCRPS in lieu of the redemption of 1,50,000 12% NCCRPS.