Food Processing

In order to further grow the food processing industry, the government has formulated a Vision-2015 action plan under which specific targets have been set. This includes trebling the size of the food processing industry from around US$ 70 billion to about US$ 210 billion, raising the level of processing of perishables from 6 per cent to 20%, increasing value addition from 20% to 35%, and enhancing India’s share in global food trade from 1.5% to 3%.

The growth in international trade and organized retail trade coupled with thrust on food processing has left to high demand for cold chain. Further the growth in organized retail, shift towards horticultural crops, and demand from Pharmaceutical sector is driving growth in this sector.

According to the Union Minister for Food Processing Industries, Mr. Subodh Kant Sahai the Central Government is envisaging an investment of US$ 21.9 billion in the food processing industry over the next five years, a major chunk of which it plans to attract from the private sector and financial institutions.

The total FDI investment in the food processing sector in 2008-09 was US$ 103 million. During April to December 2009, FDI inflow in food processing sector was US$ 206.1 million as compared to US$ 100 million during the financial year 2008-09. The cumulative FDI received by the industry from April 2000-January 2010 stood at US$ 1.02 billion.

XIV.    OUTSTANDING LITIGATION AND MATERIAL DEVELOPMENTS

The company is recently formed.  There is no outstanding litigation.

 

XV.     GOVERNMENT APPROVALS

As of now, the company is not required to take approval from Central Government.  The company will take necessary steps in the mater of shares allotted to NRI from Reserve Bank of India.  Approvals will be obtained as and when required. 

 

XVI.    REGULATORY AND STATUTORY DISCLOSURES

Authority for Listing

The Honourable High Court of Madras, vide its Order dated 22nd April 2010, sanctioned the Scheme between the Demerged Company and the Company and their respective equity shareholders and creditors whereby all assets, liabilities, duties, rights and obligations in respect of the Demerged Undertaking were transferred to and vested in the Company with effect from the Appointed Date under Sections 391 to 394 of the Act. The aforesaid Order of the High Court of Madras was filed with the ROC on 10th May, 2010 and the Scheme became effective thereupon, namely Effective Date.

The Equity Shares issued pursuant to the Scheme shall, subject to applicable regulations, be listed and admitted to trading on the Stock Exchanges. Such listing and admission for trading is not automatic and will be subject to fulfillment by the Company of listing criteria of the Stock Exchanges for such issues and also subject to such other terms and conditions as may be prescribed by the Stock Exchanges at the time of the application by the Company seeking listing of its Equity Shares.

Prohibition by SEBI:
The Company, its Directors, its Promoters, other companies promoted by the Promoters and companies with which the Directors are associated as Directors have not been prohibited from accessing the capital markets or restrained from buying, selling or dealing in securities under any order or direction passed by SEBI. The listing of any securities of the Company has never been refused at anytime by any of the stock exchanges in India.

Further, the Company, its Directors, its Promoters, other companies promoted by the Promoters and companies with which the Directors are associated as Directors have not been declared as willful defaulters by RBI / government authorities and there are no violations of securities laws committed by them in the past and no proceedings are pending against them.

Eligibility Criterion:
There being no Initial Public Offering or Rights Issue, the eligibility criteria in terms of Clause 2.2.1 of SEBI Guidelines are not applicable. However, SEBI has vide its letter No.CFD/DIL/PB/AC/136928/2008 dated 5th September, 2008 relaxed the applicability of provisions of Regulation 19(2)(b) of the Securities Contract (Regulations) Rules, 1957 under Clause 8.3.5 of SEBI Guidelines.

The Company has submitted the Information Memorandum, containing information about itself, making disclosures in line with the disclosure requirements for public issues, as applicable, to the Stock Exchanges for making the Information Memorandum available to the public through their available websites viz. www.madrasstockexchange.in and www.bseindia.com.

The Company will publish an advertisement in the newspapers containing details in line with the provisions of Clause 8.3.5.4 of SEBI Guidelines. The advertisement will draw specific reference to the availability of the Information Memorandum on its website as well as the Stock Exchanges.

Disclaimer – SEBI:
It is to be distinctly understood that submission of the Information Memorandum to SEBI by the DSE should not in any way be deemed or construed that the same has been cleared or approved by SEBI. SEBI does not take any responsibility for the financial soundness of the Scheme for which the listing is proposed to be made or for the correctness of the statements made or opinions expressed in the Information Memorandum.

Disclaimer from the Company:
The Company accepts no responsibility for statements made otherwise than in the Information Memorandum or in the advertisement to be published in terms of Clause 8.3.5.4 of SEBI Guidelines or any other material issued by or at the instance of the Company and anyone placing reliance on any other source of information would be doing so at his or her own risk.

The Company shall make all information available to the public and investors at large and no selective or additional information would be available for a Section of the investors in any manner.

 

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