From the Chair Ramon and Demm Limited

THE following is the text of the State-ment of the Chairman, Mr H K Shah, circulated to the shareholders along with the Annual Report for the year ended March 31, 1973: The year 1972-73 was a year of crises for the country. There has been a dis-tinct stagnation in industrial production during the last year and more. Huge industrial capacity has been rendered idle by widespread power shortages throughout the country causing'severe loss of production. In our State of Maharashtra alone, the loss in produc-tion because of the power crisis has been officially estimated at over Rs 65 crores. When similar figures are con-sidered for other States, the total loss will add up to a staggering figure. Power supply does not seem to be keeping pace with the rising demand and power shortages continue to pose a major obstacle to industrial produc-tion.