Company Venus Remedies Limited
Industry Pharmaceuticals

Broadcast Date/Time 12-Jan-2018 20:00
Subject Updates
Announcement Venus Remedies Limited has informed the Exchange that 'Export-Import Bank of India (EXIM) has unilaterally declared Venus Remedies Limited and its directors as 'Wilful Defaulters'. In this regard it is pertinent to mention that the said action on the part of EXIM bank is arbitrary, unjust, contrary to facts and thus illegal since the same has been taken against principles of natural justice. Further, it is relevant to state that the CDR was approved as per RBI??s circular BRI/2013-14/503 dated 26.2.2014 which mandates that only those accounts which are not a willful defaulter can be restructured. Hence, admittedly, the Company was not a willful defaulter. Furthermore, the Company is subject to regular audits as per MRA/decisions of JLF meetings. At no point of time, there has been any finding of the company being a ??wilful defaulter??. Moreover, the Cash Flow Statement for FY 2015-16 to FY 2016-17 clearly shows that there is no sufficient generation of funds.'.
Attachment Click here


The information displayed herein is uploaded by the concerned Company. The said uploaded information is displayed without any verification of adequacy, accuracy and veracity. The Exchange in discharge of its role of dissemination of uploaded information on this website immediately on its receipt. The Company shall be solely responsible and liable for any omission, commission, errors and misrepresentations in the contents of the Information. The Exchange disclaims any liability arising out of the contents of the information uploaded by the Company and in no event, Exchange will be held liable for any damages, claims arising out of such information.