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Your Directors take pleasure in presenting the Third Annual Report and Audited Accounts for the year ended 31st March, 2008. |
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| Rs. in thousand |
FINANCIAL RESULT |
Year ended
31st March, 2008 |
Year ended
31st March, 2007* |
| Total Income |
375,278 |
41 |
Profit/(Loss) before
Depreciation & Tax |
(32,941) |
(17,339) |
| Depreciation |
12,674 |
1,004 |
Provision for Tax
(includes Deferred tax, Wealth tax
& Fringe Benefit Tax) |
3,212
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31,498 |
| Profit/(Loss) after Tax |
(48,827) |
(49,841) |
Balance brought forward from
Previous Year |
(49,874) |
(33) |
| Balance carried to Balance Sheet |
(98,701) |
(49,874) |
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*Note: The scheme of Arrangement has been given effect to in the financial statements for the year ended 31st March 2007, wherein all the assets and liabilities of the Innovative Research & Development business including Novel Drug Delivery System (NDDS) division / undertaking of Sun Pharmaceutical Industries Ltd. was transferred and stands vested in the Company, with effect from the appointed date in february 28 2007. |
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DIVIDEND |
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In view of loss incurred during the year under review, your Directors do not recommend any dividend for the year under review. |
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ISSUE OF EQUITY SHARES OF THE COMPANY PURSUANT TO THE SCHEME OF ARRANGEMENT FOR DEMERGER |
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As informed to you last year, your Company had entered into Scheme of Arrangement for Demerger with Sun Pharmaceutical Industries Ltd.(SPIL), which was sanctioned by the High Court of Gujarat on 1st March, 2007 with appointed date as the close of the business on 28th February 2007. Pursuant to the said scheme, the Company has issued and allotted 194,418,898 Equity Shares of Re.1/- each on 5th May, 2007, to the equity shareholders of SPIL as on the record date, 30th April, 2007. |
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Further, pursuant to clause 10.2 of the Scheme of Arrangement for Demerger and as per the Supplementary Trust Deed dated 18.05.2007, entered into by the Company with SPIL and Citicorp Trustee Co. Ltd., the Foreign Currency Convertible Bond (FCCB) holders of SPIL were entitled to One Equity Share of Re.1/- each of the Company alongwith every Equity Share of Rs.5/- each of SPIL allotted to them on exercise of conversion option of FCCBs of US$1000 each, held by them. |
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Accordingly, during the year under review, the Company made further issue and allotment of 12,697,493 Equity Shares of Re.1/- each of the Company, to the FCCB holders of SPIL, on exercise of conversion option by them. The entire FCCBs issued by SPIL have been converted in to equity shares and as on 31.03.2008 there are no such FCCBs of SPIL remaining outstanding. |
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