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 RBIs 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.'.
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