Brief: Zuari Agro Chemicals Says Deadlock With Mitsubishi On Impairments In Some Financial Statements Of MCA Phosphates

Zuari Agro Chemicals

08/06/2018 12:12

June 8 (Reuters) - Zuari Agro Chemicals Ltd  ZUAR.NS :
    * DEADLOCK BETWEEN CO AND MITSUBISHI ABOUT CERTAIN
IMPAIRMENTS
RECORDED IN STATEMENTS OF MCA PHOSPHATES FOR 2015-16 AND 2016-17
    * ON FEB 15, MCAP ISSUED SHARE OFFER NOTICE BY VIRTUE OF
WHICH CO
WAS OFFERED TO SUBSCRIBE TO CERTAIN ORDINARY SHARES
    * SAYS CO INITIATED LEGAL PROCEEDINGS BEFORE HIGH COURT OF
SINGAPORE ON 04 JUNE 2018
    * IN LIGHT OF OBJECTIONS RAISED BY CO IN REGARD TO
IMPAIRMENT AND
ADOPTION OF ACCOUNTS, IT DID NOT SUBSCRIBE TO RIGHTS ISSUE
    * SAYS DESPITE CO'S OBJECTIONS, NOMINEE DIRECTOR OF CO ON
BOARD OF
MCAP WAS REMOVED IN EGM OF MCAP HELD ON JUNE 4
    * SAYS ORDER PASSED BY HIGH COURT OF SINGAPORE MANDATES NO
STEPS
SHOULD BE TAKEN TO CHANGE SHAREHOLDING OF MCAP
    * ORDER PASSED MANDATING THAT NO STEPS TO BE TAKEN IN MATTER
SPECIFIED AS SUPER-MAJORITY DECISION WITHOUT CO'S CONSENT
    * SAYS CO EVALUATING ITS OTHER LEGAL RIGHTS AND REMEDIES
AGAINST
MITSUBISHI AND MCAP

Source text - http://bit.ly/2M8pZmf
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