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Report No. 143

Annexure 'B'

Ref. No. ASE: FD: 125

26th February, 1991

Mr. G.V.G. Krishnamurthy,
Under Secretary in the Government of India
Law Commission of India,
Ministry of Law and Justice,
Shastri Bhawan,
7th floor, 'A' Wing,
New Delhi-110 001

Dear Sir,

We are in receipt of your letter No. 6(2)(11)87/LC(LS)(IF)(3) dated 14th February, 1991.

It has always been our practice to reply Government Authorities promptly. Since we have not received by letter No. 6(2(11)/87/LC(LS)/535 dated 3-6-90, the same could not be replied to you.

As you are aware, the Company is engaged in the manufacture and sale of basic and essential drugs vitally affecting the health care of the nation. Because of the rigorous price control of the Government of India, operations of the Company were affected causing serious liquidity strains. The company has also made a request to its bankers for additional working capital which has not been received for quite some time.

Due to the above reasons, there is delay in payment of deposits. However, the Company is sincerely making efforts to reply fixed deposits at the earliest. Please note that only Rs. 71.96 lakhs have remained unrefunded for the period of exceeding sixty days as on 31-1-91 to 1,312 depositors. If you desire any other information, kindly let us know.

Thanking you,

Yours faithfully,
Sd./-
For Ambalal Sarabhai Enterprises Limited
Secretary.



Legislative Safeguards for protecting the Small Depositors from Exploitation Back




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