Aksh Optifibre has informed that hon’ble High Court of Rajasthan has admitted a winding up petition against the Company, being Corporate Guarantor, for the alleged / disputed liability of its subsidiary. Further, In this regard, they would like to add that the amount of Corporate Guarantee furnished by Company on behalf of its subsidiary, i.e. Apaksh Broadband, is to the tune of Rs 5.40 Crore only. Considering the present financial position of the Company the amount is not significant and Company is confident to resolve the matter in best interest of all Stakeholders. The Company in consultation with its legal counsels has already initiated appropriate legal recourse to challenge the said order.
The above information is a part of company’s filings submitted to BSE.
