Recommendation to the shareholders on open offer by the Independent Directors Committee (IDC) of the company

The Independent Directors Committee (IDC)  of the company was held today i.e. Monday, 26th November,2018 at the Registered office of the Company. The Committee members have given their reasoned recommendation to the shareholders on open offer made by Mr. Champalal Gopiram Agarwal (“Acquire-1”) and Mr. Sumit Champalal Agarwal (“Acquire-2”) for acquisition of up to 7,81,300 Equity Shares of Rs. 10/- each at an Offer Price of Rs. 12.50 per Equity Share payable in cash.

Please find enclosed herewith copy of recommendation.

IDC Recommendation