Hiran Orgochem enters into job work agreement with Actgen Pharma

Hiran Orgochem has entered into a job work agreement with Actgen Pharma in the usual course of business, to keep the plant and machineries in good working condition and to pay statutory dues. The board at its meeting held on July 30, 2012 has approved for it, in the interest of the company and its stakeholders at large.

Besides, this will also enable the company to keep its secured assets marketable so that the value will remain intact without any deterioration.

Earlier, the loans availed by the company from the consortium banks (State Bank of India and State Bank of Patiala) have become non-performing asset and that the consortium banks have served on the company a notice under Sec.13 (2) of SARFAESI Act.