ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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INDAL

those items which were essential for the smooth running of production operations and on renovation and modernisation of the selling outlets. The company also acquired land and buildings in Ambala district in Haryana for future expansion. Pending disposal of the appeal, the com- pany had paid a sum of Rs 10.23 lakh as penalty imposed by the government for alleged violation of certain provisions of FERA. Based on legal advice, the company believes that there arc sufficient grounds for the government order to be set aside. As regards DRI, the company had refunded in full to the government the amounts received towards the disputed duty drawback claims. Following this, the proceedings against the company had been withdrawn. To augment the long- term working capital the company obtained a sum of Rs 45 million by way of secured, 15 per cent non-convertible debentures on a private placement basis from financial institutions during 1986.

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