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&urana Industries Limited


CIN : L27104TN1991PLC020533
Corp. H.O. : # 29, Whites Road, V Floor,
Royapettah, Chennai - 600 014. 'ai1J' : 2852 5127

Fax: 044-28520713

Email: surana@suranaind.com

Ref No: SILlIFCI

ENTURE/

*'*

Grams: "GURUHASTI"
Website: www.suranaind.com

b Ifl IFY 2015-16


January 29,2016

Shri. Sachin Shind I


Assistant General: II[anager
Surveillance & SUP([visions
BSE Ltd
Floor 25, PJ Towers
Dalal Street,
Mumbai - 400001.
Dear Sir,
Sub: DRT, Delhi 'rder in the matter ofIFCI Venture Capital Funds Ltd Vs. Surana Green
Energy Limited - eg
Ref: 1. IFCI Venti re Letter Ref: IFCI Venture/Surana/2015-16 dated January 8, 2016
2. SIL's Lette ' to Stock Exchanges dated January 5, 2016

*****
ThIS has reference:o your above referred email and IFCI Venture's letter dated January 8, 2016
addressed to the Su ck Exchanges, Surana Industries Limited and others. In this regard we would like
to provide our subn ission as detailed below:
Strategic Debt Re rructuring (SDR) is an option available to the lenders to convert their debt
component into e rity, Further the option can be invoked only by the Lead Bank along with the
Consortium lender: (including IFCI Limited) and the company has no role to play with regard to the
invocation of SI :Z. Further, we wish to inform you that, as per RBI Circular No.
DBR.BP.BC.No.1C 1121.04.13212014-15 dated June 8, 2015 only the lenders have the absolute right
to invoke the SDR Scheme. The same was also emphasized in the reply letter filed with the Stock
Exchanges dated J(; .uary 5, 2016.

@.iiWiiF9]
SURANA INDUSTRIE i LIMITED

SDR till date has n )t been invoked by the banks including IFCI Limited (Holding Company of IFCI
Venture Capital Fu ds Limited) being one of the consortium bankers of SIL.
As far as the DRl order is concerned the Hon'ble Debt Recovery Tribunal (DRT -1), Delhi has
restrained
defen: ants no.
1 to 7 from changing the shareholding
pattern or
alienate/allot/encur ber/transfer or dispose off their shares and or management in defendants no. 1 to
3 companies in an.. manner whatsoever or as mentioned in the postal ballot notice dated 30.05.2015
till further orders.
As referred in the I I RT order defendant no. 1 to 3 companies includes the following
a) Surana Indi stries Limited (SIL)
b) Surana Gre .n Energy Limited (SGEL), Subsidiary of SGPL and Step down Subsidiary of
SIL.
c) Surana Gre n Power Limited (SGPL), Wholly Owned Subsidiary ofSIL.
In this regard, we ' 'ish to inform you that, as per the postal ballot notice relating to SIL dated May
30,2015, the appro 'al of the shareholders was sought for the following item of businesses:
1) Issue and .Ilotment of Equity Shares on Preferential basis to Shri. Dineshchand Surana,
Promoter 0 the company as per CDR Package
2) Shifting of lie registered office of the company
3) Giving of 1 oans/Guarantees, Providing Securities and Making of Investments in Securities
beyond the .rescribed limits under Section 186 of the Companies Act, 2013.
4) To approve 'he disinvestment in Surana Power Limited (SPL)
5) To approve .he disinvestment in Surana Mines and Minerals Limited (SMML)
J

However the DRT order dated August 7, 2015 was intimated to us post the conduct of Annual
General Meeting i.: on August 10, 2015 and closure of voting period under the postal ballot process.
We are in receipt 0 the DRT order only on August 12,2015.
We further wish to .ring to your kind attention that, the postal ballot notice does not contain any item
of business pertair ng to SGEL and SGPL. Similarly the preferential allotment of equity shares to
Shri. Dineshchand ~;rrana, Promoter of the company even after approved by the shareholders is yet to be
allotted due to the act that, the Hon'ble DRT vide Order dated August 7, 2015 had restrained SIL to
change its sharehol ling pattern or alienate/allot/encumber/transfer or dispose off their shares and
hence there are no s ch willful disobedience of the DRT order.

Continuation Sheet.. ..

@ilwPEV]
SURANA INDUSTRIE

LIMITED

As far as Surana II :lustries Limited (SIL) is concerned, it is an entity listed in the recognized stock
exchanges namely :SE and NSE, the promoters of the company are holding only 45.62% of shares with
public being the ma ority shareholders holding the remaining 54.38 % of the paid up share capital of the
company. The latest shareholding pattern of the company is also enclosed foryour reference.
We also wish to c
approval of the sha
is a change in the
disobedience on the

nfirm and assure that, with effect from the date of order and from the date of
eholders to till date neither there is a change in the shareholding pattern nor there
management of the above referred companies. Hence there is no such willful
part of SIL, SGEL and SGPL.

We further wish to 'e-iterate that, since SIL being a public listed entity the shares are subject to free
transferability and 1 .re change in the shareholding of the company is a regular event which occurs on
a periodical basis.
Further, we would
Mis. SGEL, we are
dues to IFCI Ventu
settlement and clo:
company and IFCI
submitted.

nee again like to state that as a guarantor and as an ultimate holding company of
concerned on these issues and SIL was always prepared to repay the outstanding
e. In this regard SIL had already approached IFCI Venture for having a onetime
;: the issue based on a mutual understanding subject to the best interest of the
Venture. In this regard, a detailed proposal for the settlement of dues was also

It was unfortunate 'lat, in spite of all the positive moves being taken by SIL to settle the issue, IFCI
Venture had misre resented SIL in the eyes of stock exchanges and other statutory authorities by
making baseless cl: ims and allegations against the company. This act ofIFCI Venture had created a
false alarm among the statutory authorities which had ultimately created a bad image for the
company.
This is for your inf rrnation and records.
Thanking you
Your's faithfully
U

D em Senthil Ra
Company Secreta!

! des Limited

:1 &

Compliance Officer

Encl: Ala
CC:

Continuation Sheet....

SURANA INDUSTRIE

The Deputy Gener:


Department of Cor
National Stock Excl
Exchange Plaza, C-:
Bandra Kurla Comp
Bandra (E)
Mumbai - 400 051.

LIMITED

I Manager
iorate Services
inge of India Limited
Block G,
ex,

Shri. Om Joshi,
Dy. General Mana !;er,
IFCI Venture Cap tal Funds Limited,
IFCI Tower, 61, N~ iru Place,
New Delhi - 11001 )I.
The Deputy Gener: I Manager
Department of CO)' I orate Affairs,
BSE Limited
PJ Towers, Dalal StJ .et,
Mumbai - 400001.
Surana Green Pow r Limited,
HO no: 29, Whites J oad, II Floor,
Royapettah, Chenna - 600014.
Surana Green Enei i:y Limited,
HO no: 29, Whites I oad, II Floor,
Royapettah, Chenna - 600014.
Shri. G.R. Surana
No: 2, Vimala Stree Ayyavoo Colony,
Aminjikarai, Chenn: i - 600029
Shri. Shantilal Sur: na
SUS Bhavan, 13/23. Orchid Villa,
Mandapam Road, K lpauk, Chennai - 600010
Shri. Vijayraj Sura ra
Flat-2D, Orchid Villi, No: 15,
Harrington Road, 611 A..venue Corner,
Chetpet, Chennai - I 0003 1
Shri. Dineshchand ! urana
New No: 49, Old N( . Al34,
A-Block, 6th Street,
Annanagar East,
Chennai - 600102.

Continuation Sheet. ...