Polar Pharma India, in view of the prevailing uncertainty and continuing cash losses has decided upon the discontinuation of the business operation of the company. In absence of any order book, the company was incurring cash losses on a consistent basis, with the management being completely exhausted of all its resources. In view of this, the company decided to discontinue its business.
The company had participated in the annual tender for procurement of male condoms floated by Ministry of Health & Family Welfare (MHFW), Govt. of India. The tender closed on July 10, 2012. However, the tendering authority has not yet issued supply order to any of the condom manufacturers in the private sector so far during the last five months since closure of the tender for taking supplies for the current FY 2012-13.
Further, the company has also requested to all its secured lenders to take immediate possession of the secured assets. The management will also make requisite submission before BIFR, Delhi in the ensuing hearing to be held on December 17, 2012.
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