Polar Industries (Delisted) share news and announcements

BSE: 504288

Last traded ₹1.10 on 27 Dec 2013

Delisted on 23 Aug 2017.

Polar Industries share news and announcements

172 announcements, routine notices left out, newest first. Page 3 of 4.

  1. Mar 2010

  2. Feb 2010

    • 4 Feb · Audit Qualifications/Management Comments

      Vide notes to Accounts in the Unaudited Financial Results for the 3rd Quarter ended December 31, 2009 (taken on record by the Board of Directors of the Company at its meeting held on January 28, 2010) regarding Audit Qualification and Management Comments. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

  3. Jan 2010

  4. Dec 2009

    • 2 Dec · Limited Review Report

      Auditors have conducted the limited review for the un-audited financial results for the quarter ended September 30,2009. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

  5. Oct 2009

    • 30 Oct · Audit Qualifications/Management Comments

      Vide notes to Accounts in the Unaudited Financial Results for the Second Quarter and Half year ended September 30, 2009 (taken on record by the Board of Directors of the Company at its meeting held on October 29, 2009) regarding Audit Qualification and Management Comments. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

    • 22 Oct · Board meeting

      To consider, inter-alia, the Unaudited (Reviewed) Financial Results for the 2nd quarter ended September 30, 2009.

  6. Sep 2009

    • 3 Sep · Limited Review Report

      Auditors have conducted the limited review for the un-audited financial results for the quarter ended June 30,2009. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

  7. Aug 2009

    • 25 Aug · Meeting

      Proceedings of the Annual General Meeting of the Company held on August 21, 2009. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

    • 21 Aug · Meeting

      Outcome of Annual General Meeting held on August 21, 2009. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

  8. Jul 2009

    • 31 Jul · Corporate action

      It has been decided to keep the Register of Members closed from August 17, 2009 to August 21, 2009 (Both days inclusive) for the purpose of Annual General Meeting to be held on August 21, 2009.

    • 30 Jul · Management

      Vide notes to Accounts in the Unaudited Financial Results for the Quarter ended June 30, 2009 (taken on record by the Board of Directors of the Company at its meeting held on July 29, 2009) that "Auditors have qualified their report on the audited accounts for the year ended 31.03.2009 (a) for preparation of accounts on going concern basis as the networth has become negative. (b) regarding remuneration paid in earlier years to an ex director for which Central Government approval is awaited. (c) regarding written back of dues to banks and financial institutions on OTS/restructuring which is subject to compliance of terms and conditions and non-provision of interest of Rs 9.43 lac (till date Rs 47.15 lac) on remaining loan.(d) regarding uncertainty in the realisation of finished good stocks of suspended line of business segments. (e) regarding non provision of diminution in value of long term investment and (f) regarding recalling of loan by a secured lender. The management reply to the auditors qualifications are (a) on OTS of the above dues (as referred above), induction of further working capital, closure of non profitable segments and future profit the networth may become positive. (b) company has already applied to the Central Government and sanction is awaited. (c) company has taken necessary steps for compliance of terms of restructuring. (d) company has sold part of the investors and balance is being disposed off . (e) these investment are of strategic nature and market value of the same shall be recovered in due course (f) the matter is under discussion with secured lender.".

    • 22 Jul · Board meeting

      Meeting on 29 Jul 2009: “Unaudited Financial Results for the Qtr ended June 30, 2009”

  9. Jun 2009

    • 27 Jun · Management

      Vide notes to Accounts in the Audited Financial Results for the Financial year ended March 31,2009 (taken on record by the Board of Directors of the Company at its meeting held on June 27, 2009) that "Auditors have qualified their report on the audited accounts for the year ended 31.03.2009 (a) for preparation of accounts on going concern basis as the networth has become negative. (b) regarding remuneration paid in earlier years to an ex director for which Central Government approval is awaited. (c) regarding written back of dues to banks and financial institutions on OTS/restructuring which is subject to compliance of terms and conditions and non-provision of interest on remaining loan. The management reply to the auditors qualifications are (a) on OTS of the above dues (as referred above), induction of further working capital and future profit the networth may become positive. (b) company has already applied to the Central Government and sanction awaited. (c) company has taken necessary steps for compliances of terms of restructuring".

    • 27 Jun · Meeting

      Board of Directors of the Company at their meeting held on June 26, 2009 have inter alia considered the following: 1) Approved convening of the Annual General Meeting of the members of the Company on August 21, 2009 for the purpose of approval of Shareholders for the re-appointment of Mr. Anil Agarwal as Chairman & Managing Director of the Company for a period of three years w.e.f. April 01, 2009.

    • 18 Jun · Board meeting

      To Interalia, consider and approve the Audited Financial Results of the Company for the Financial Year ended March 31,2009.

  10. Apr 2009

    • 29 Apr · Management

      Mr. Arun Thaman, the CEO of the Company has by way of his letter dated March 1, 2009 resigned from the post of CEO and the service of the Company. The same has been accepted by the Company on April 28, 2009 and he will be released from the service of the Company from the closing hours of April 30, 2009

    • 9 Apr · Results

      Company intends to submit audited financial results for the entire financial year ended March 31, 2009, instead of unaudited financial results for the quarter ended March 31, 2009.

  11. Mar 2009

    • 18 Mar · Limited Review Report

      Auditors have conducted the limited review for the un-audited financial results for the quarter ended December 31,2008. A copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

    • 9 Mar · Updates

      Company has by way of resolution passed by circulation, the approval of which was received from majority of the Directors of the Company, resolved to appoint M/s. Polaron Marketing Limited(PML) as non-exclusive distributor of Company's products with immediate effect for territories in the Republic of India and Overseas.

  12. Feb 2009

    • 6 Feb · Audit Qualifications/Management Comments

      Vide notes to Accounts in the Unaudited Financial Results for the quarter ended December 31,2008 (taken on record by the Board of Directors of the Company at its meeting held on January 30, 2009) that "Auditors have qualified their report on the audited accounts for the year ended 31.03.2008 (a) for preparation of accounts on going concern basis as the networth has become negative. (b) regarding remuneration paid in earlier years to an ex director for which Central Government approval is awaited. (c) regarding written back of dues to banks and financial institutions on OTS/restructuring which is subject to compliance of terms and conditions and non-provision of interest on remaining loan. The management reply to the auditors qualifications are (a) on OTS of the above dues (as referred above), induction of further working capital and future profit the networth may become positive. (b) company has already applied to the Central Government and sanction awaited. (c) company has taken necessary steps for compliances of terms of restructuring".

  13. Jan 2009

    • 31 Jan · Board meeting

      Board of Directors of the Company at its meeting held on January 30, 2009 have interalia considered the following : It is proposed that a distribution of the company's product be done through an independent marketing company.

    • 16 Jan · Board meeting

      Meeting on 30 Jan 2009: “Unaudited Financial Results for the qtr ended Dec 31, 2008”

  14. Dec 2008

    • 16 Dec · Management

      Company has by way of Board Resolution Passed on November 05, 2008 appointed Mr. Arun Thaman, B.COM, PGDMM, PGDMtM, with 20 years of Industrial Experience, as Chief Executive Officer (CEO) of the Company.

    • 3 Dec · Limited Review Report

      Auditor's have conducted the limited review of the unaudited financial results for the quarter ended September 30, 2008 and found the same to be in order subject to certain observations. The auditor's observations are: "We further referred our qualifications in the audited accounts for the year ended 31 Mar'08 as follows: (a) Regarding written back of dues to banks & financial institutions on OTS / Restructuring, which is subject to compliance of terms & conditions and non provision of interest on remaining loan as referred in note no. B-4 in Schedule 21. (b) Regarding preparation of accounts on going concern basis as referred in note no. B-6 in schedule 21. (c) Regarding remuneration paid in earlier year to an Ex- Director for which Centre Government approval is awaited as referred in Note no. B-25 (b) in schedule 21."

  15. Nov 2008

    • 7 Nov · Demise of Director

      Due to the sudden demise of Mr. K. P. Bhattacharya, Director (operations) of Polar Industries Limited, the composition of Board of Director of the Company stands changed. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

  16. Oct 2008

    • 27 Oct · Updates

      Board of Directors of the Company at its meeting held on October 27, 2008 have inter-alia considered the following: (1) Engaging Ernst & Young Pvt. Ltd. for mobilizing funds through strategic investments.

    • 17 Oct · Updates

      There has been a major fire on 09.10.2008 in the Custom Bonded Warehouse at Chennai where the imported goods of the Company were stored before payment of duty. Approximately one lakh fans have been destroyed by the fire. The estimated loss to the Company is in the magnitude of Rs.11 Crores, including profit margin. We have been informed by our CHA that the Insurance cover was taken by the Logistic Company (License holder of Custom Bonded Warehouse), from Cholamandalam MS General Isurance Company Limited, Chennai. The company has already submitted its provisional claim to the Logistic Company to facilitate settlement of over all insurance claims by the License holder with the Insurance Company. The Company is taking necessary steps to restore normalcy with the existing working capital in the business. We have been given to understand that the Custom Bonded Warehouse has goods worth over Rs.50 Crores of over 20 importers. Due to the above fire accident and resultant non availability of the goods, the business activities of the Company are expected to have set back. However, the value of the goods is fully covered under the Insurance Policy taken by the License holder of the Custom Bonded Warehouse with Cholamandalam MS General Isurance Company Limited

    • 15 Oct · Board meeting

      Meeting on 27 Oct 2008: “Unaudited financial results for qtr ended September 30, 2008”

  17. Aug 2008

    • 13 Aug · Meeting

      Outcome of Annual General Meeting held on August 12, 2008. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

  18. Jul 2008

    • 23 Jul · Updates

      Polar Industries Ltd had informed the Exchange that the Company had appointed M/s Asia Pacific Brands India Limited, Mumbai (APBIL) as Distributor of POLAR Products on non-exclusive basis. The Company has now informed the Exchange that "The Company has terminated the said distributionship agreement related to sale of POLAR products with APBIL w.e.f. 21.07.08".

    • 18 Jul · Board meeting

      Meeting on 28 Jul 2008: “Unaudited Financial Results for the Qtr ended June 30, 2008”

    • 3 Jul · Meeting

      It has been decided to keep the Register of Members closed from 31.07.2008 to 05.08.2008 (both days inclusive) for the purpose of Annual General Meeting to be held on August 12, 2008.

  19. Jun 2008

    • 30 Jun · Audit Qualifications/Management Comments

      Vide notes to Accounts in the Audited Financial Results for the quarter and 12 months ended March 31,2008 (taken on record by the Board of Directors of the Company at its meeting held on June 28, 2008) that "Auditors have qualified their report on the audited accounts for the year ended 31.03.2008 (a) for preparation of accounts on going concern basis as the networth has become negative. (b) regarding remuneration paid in earlier years to an ex director for which Central Government approval is awaited. (c) regarding written back of dues to banks and financial institutions on OTS/restructuring which is subject to compliance of terms and conditions and non-provision of interest on remaining loan. The management reply to the auditors qualifications are (a) on OTS of the above dues (as referred above), induction of further working capital and future profit the networth may become positive. (b) company has already applied to the Central Government and sanction awaited. (c) company has taken necessary steps for compliances of terms of restructuring".

    • 30 Jun · Board meeting

      Outcome of Board meeting held on June 28, 2008. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

    • 20 Jun · Board meeting

      To inter alia, consider and approve the Audited Financial Results of the Company for the Financial Year ended March 31, 2008 and also to consider issue of Equity Shares to the non promoters of the Company on preferential basis as per SEBI Guidelines.

  20. May 2008

    • 5 May · Management

      Mr. Viswanath G. Malagi has resigned from the post of Company Secretary of the Company with effect from 22nd April, 2008. Till the position of Company Secretary is filled up by a suitable candidate Mrs. Samta Agarwal, the Asst. Company Secretary of the Company will be acting as the Compliance Officer of the Company and will be directly liaising with the authorities such as SEBI, Stock Exchanges, Registrar of Companies etc., and investors with respect to implementation of various clauses, rules, regulations and directives of such authorities and investor service and complaints of related matters.

  21. Apr 2008

    • 29 Apr · Results

      Company has opted to submit Audited Financial Results for the entire financial year i.e. 2007-2008 within three months of end of the financial year, i.e. within June 30, 2008 instead of submitting the unaudited financial results for the last quarter ended March 31, 2008.

    • 24 Apr · Meeting

      Outcome of Extra Ordinary General Meeting held on April 21, 2008. The copy of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

    • 21 Apr · Board meeting

      Vide its letter dated April 21, 2008 that: "At the just concluded Board Meeting the members of the Board have resolved as under: 1) Audit and Remuneration Committees of the Board have been reconstituted; 2) M/s. K.L. Jaisingh & Co. Cost Accountants have been appointed as Cost Auditors of the Company for the Financial year 2008-09; 3) Accepted the Debt Restructuring package as approved by Asset Reconstruction Company of the India Limited; 4) Accepted the resignation of Mr. Vishwanath G. Malagi, Company Secretary, from the services of the Company and is being released from the close of business hours w.e.f. 21.04.2008."

    • 15 Apr · Board meeting

      To interalia consider the following : a) To consider the terms and conditions of restructuring of debts as approved by Asset Reconstruction Company of India Limited(ARCIL); b) To consider re-organisation of various Committees of the Board consequent to withdrawal of nomination by IFCI Ltd. and nomination by ARCIL.

    • 10 Apr · Management

      "The following changes have taken place in the Directorship of the Company: (a) IFCI Ltd. has by way of its letter dt.25.03.2008 withdrawn its nomination of Mr. S K Vats from the Directorship of the Company; (b) Asset Reconstruction Company of India Limited (ARCIL) has by way of its letter dt. 07.04.2008 nominated Mr. Sanjoy Gupta on the Board of Directors of the Company". Further the Company has submitted a list of Directors of the Company as on April 10, 2008. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

    • 1 Apr · Updates

      Asset Reconstruction Company of India Limited (ARCIL) vide its letter dt.31.03.2008 has informed to the Company that they have purchased debts of the Company from some of the existing lenders namely IFCI Ltd., Punjab National Bank, Allahabad Bank, Bank of Maharashtra and Union Bank of India. ARCIL have also restructured the debt to be repaid over a period of 5 years. The acquisition of the debt by ARCIL and restructuring thereafter has been post One Time Sanction (OTS) by the FIs/Banks under CDR Mechanism

  22. Mar 2008

    • 31 Mar · Meeting

      Pursuant to section 192A of the Companies Act, 1956 read with Companies (Passing of Resolutions by Postal Ballot) rules, 2001 approval of the shareholders of the Company is sought by way of Postal Ballot in respect of the following Ordinary Resolutions: 1) To authorise the Board of Directors of the Company, u/s 293 (1) (a) and other applicable provisions, if any, of the companies Act, 1956 and the Memorandum & Articles of Association of the Company and Subject to such other consents, permissions and approvals as may be required, to dispose of the entire undertaking of the Ceiling fan Division unit located at A-2, Sector 5, Noida - 201 301, together with all assets contained therein including Land, Building, Plant, Machinery & other assets (as a whole or in piecemeal), on 'as-is-where-is' basis. 2) To authorize the Board of Directors of the Company, u/s 293 (1) (a) and other applicable provisions, if any, of the Companies Act, 1956 and the Memorandum & Articles of Association of the Company and subject to such other consents, permissions and approvals as may be required, to dispose of the entire undertaking of the Corporate Office unit located at A-105, Sector 5, Noida - 201 301, together with all assets contained therein including Land, Building, Plant, Machinery & other assets (as a whole or in piecemeal), on 'as-is-where-is' basis. The Board of Directors of the Company has appointed Mr. Manoj Banthia, Chartered Accountant, as Scrutinizer to receive and scrutinize the completed ballot papers from the members. The Postal Ballot Form with the assent (for) or dissent (against) should be received on or before the close of working hours on April 18, 2008. The Scrutinizer will submit his report to the Chairman after completion of the scrutiny and the result of the voting by Postal Ballot will be announced on April 21, 2008. Further the Company has submitted to the Exchange a copy of the Notice of the Extraordinary General Meeting of the Members of the Company to be held on April 21, 2008. A copy of the same alongwith Postal Ballot Notice shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

    • 17 Mar · Meeting

      The Board of Directors of the Company, by way of resolutions passed by circulation, have approved the following : a) disposal of the entire undertaking of the Ceiling Fan Division unit located at A-2, Sector 5, Noida - 201301 and Corporate Office unit located at A- 105, Sector 5, Noida - 201 301 subject to consent of the members in general meeting and such other appropriate approvals as may be required ; b) approval of Postal Ballot process for obtaining members approval under section 293(1)(a) of the Companies Act, 1956 and c) convening of Extraordinary General meeting of the members of the Company on 21.04.2008 for obtaining their consent section (i) Increase in Authorised Capital from Rs. 23 crore to Rs. 28 crore (ii) grant of necessary authority to the Board u/s 81(1A) to issue and allot 39,00,000 Convertible Warrants to associates of Promoters of the Company and (iii) grant of authority u/s 293(1)(a) for disposal of undertakings.

    • 11 Mar · Limited Review Report

      Auditors have conducted the limited review of the unaudited financial results for the quarter ended December 31, 2007. The details of the same shall be available on the NSE website (http://www.nseindia.com) under: Corporates > Latest Announcements and on the Extranet Server (/Common/Corporate Announcements). For more details click here.

    • 10 Mar · Board meeting

      Vide its letter dated March 10, 2008 that: " At the just concluded meeting, the Board of Directors of the Company have inter- alia considered the following: a) approved cancellation of the allotment of 14,00,000 shares of Rs.10/- each out of the 40,00,000 equity shares of Rs.10/- each made at a premium of Rs. 4.70 per share to promoters on 20.08.2007 on conversion of 40,00,000 Zero Coupon Convertible warrants of Rs. 14.70 each, to comply with the requirement of securities and Exchange Board of India (Substantial Acquisition of shares and Takeovers) Regulations, 1997; b) approved increase in Authorized share capital of the Company from existing Rs. 23,00,00,000 (Rupee Twenty Three crores) to Rs.28,00,00,000 (Rupee Twenty Eight Crores) by creation of additional 50,00,000 equity shares of Rs.10/- each, subject to approval of members in General Meeting and all other requisite approvals; c) approved allotment of 39,00,000 Convertible Warrants to Associates of Promoters at a price to be determined in keeping with the applicable SEBI Guidelines, subject to approval of members in General Meeting and all other requisite approvals; d) approved convening of an Extra ordinary meeting of the members of the Company on 14.04.2008 for the purpose of (i) Increase in authorised capital from Rs.23 crore to Rs.28 crore and (ii) grant of necessary authority to the Board u/s 81(1A) to issue and allot 39,00,000 Convertible Warrants to associate of Promoters of the Company and e) approved launch of new range of "Water Purifires" in the Appliance Segment".

    • 3 Mar · Board meeting

      To interalia consider the following: (a) To consider cancellation in-part of the allotment of 40,00,000 shares of Rs.10/- each made at a premium of Rs.4.70 per share to Promoters on August 20, 2007 on conversion of 40,00,000 Zero Coupon Convertible warrants of Rs.14.70 each to comply with the requirements of Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulation 1997. (b) To consider allotment of Convertible Warrants to promoters, subject to approval of members in General Meeting and all other requisite approvals and (c) To consider convening of an Extra Ordinary General Meeting of the members of the Company for the purpose of grant of necessary authority to the Board u/s 81(1A) to issue and allot convertible Warrants to promoters of the company.

  23. Feb 2008

    • 26 Feb · Board meeting

      Polar Industries Ltd had informed the Exchange that a meeting of the Board was held on February 22, 2008 to inter-alia consider convening of an Extra Ordinary General Meeting of the members of the Company for the purpose of grant of necessary authority to the Board u/s 81 (1A) to issue and allot Convertible Warrants to Promoters of the Company. Since certain clarifications / legal opinions have been requisitioned by the members of the Board, when considering the matter relating to allotment of Convertible Warrants to Promoters and convening of Extra Ordinary General Meeting for the said purpose, the Directors decide to defer the matter to the next meeting, after considering other items of the Agenda. Intimation of the next meeting of the Board shall be provided in due course.