sejal architectural glass limited - Securities and Exchange Board of ...

SECTION VIII – LEGAL AND REGULATORY INFORMATION
OUTSTANDING LITIGATIONS, MATERIAL DEVELOPMENTS AND OTHER DISCLOSURES
There are no outstanding litigations, suits or civil or criminal prosecution against our Company, our
Directors, or any disputes, tax liabilities, non payment of statutory dues, overdues to banks/
financial institutions, defaults against banks/ financial institutions, defaults in dues towards
instrument holders like debenture holders, fixed deposits, bonds and arrears on cumulative
preference shares issued by our Company, defaults in creation of full security as per terms of issue/
other liabilities, proceedings initiated for economic/ civil/ any other offences (including past cases
where penalties may or may not have been awarded and irrespective of whether they are specified
under paragraph (i) of Part 1 of Schedule XIII of the Companies Act) against our Company, our
Directors and our Promoters, except as described below. Further, our Directors and Promoter have
not been declared as wilful defaulter by the Reserve Bank of India and also have not been debarred
from dealing in securities and/ or accessing the capital markets by SEBI and no disciplinary action has
been taken against them by SEBI except as described below:
Outstanding litigation and contingent liabilities of Our Company
Contingent liabilities as on September 30, 2007
The contingent liabilities of our Company as on September 30, 2007 are as follows:
Sr.
No
Particulars
Amount
1. Counter Guarantees given by the Company against
Guarantees issued by State Bank of Patiala on behalf of the
Company (net off margin provided by the Company in the
form of Fixed Deposits with the Bank)
51.15
2. CST not charged in the Sales Invoices to a customer 46.8
3. Amount claimed by a customer towards damages for supply
of defective material.
35.2
I. Cases filed by and against Our Company
Litigation by our Company
1. Complaint No. 87 of 2005, Sejal Architectural Glass Limited versus United India Insurance
Company Limited (UIICL), in the Consumer Redressal Forum, Mumbai
Our Company has filed a complaint bearing no. 87 of 2005 in the Consumer Redressal Forum at
Mumbai on February 22, 2006 against UIICL. Our Company has availed a Marine Transit Policy
arrangement with UIICL. Under the arrangement with UIICL, our Company was required to send a
monthly statement of declarations of the consignments insured under the policy and our Company
has claimed that the same were complied with. The truck carrying a certain consignment, for a value
of Rs. 10,54,273/- met with an accident on August 14, 2002 damaging the entire consignment. Our
Company has claimed that a surveyor on UIICL’s panel has conducted an investigation and submitted
a report with the insurance company. Our Company has then submitted the claim to UIICL, which has
refused to settle the same stating that the declaration relation to the said consignment has been
treated as cancelled in the monthly statement. Our Company has claimed that the declaration has
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