Panther Industrial Products Ltd Share Price Management Discussions
PANTHER INDUSTRIAL PRODUCTS LIMITED
ANNUAL REPORT 2004-2005
MANAGEMENT DISCUSSION AND ANALYSIS
REVIEW OF OPERATIONS:
During the year under review, the Company has not carried on any business
due to financial crisis faced by the Company. The amount of Profit as
reflected in the profit and loss account, have been earned by the Company
upon invocation of investments of the Company by Madhavpura Mercantile Co-
operative Bank Ltd. which was pledged by the Company as security for
financial assistance granted by the said bank to the Company in which
directors are interested. The company is suitably representing before
various quasi judicial bodies, their stand against the allegation of
violation made by the department during the course of various scrutiny and
inspection conducted in earlier years. The proceedings for the same are
still in progress.
Further during the year under review Madhavpura Mercantile Co-operative
Bank Ltd. has invoked the equity shares of GTL Limited, Mukta Arts Ltd. and
Pantaloon Retail (I) Ltd. held by the Company as investment and pledged
with the said bank as security for securing the repayment of financial
assistance granted to M/s. NH Securities Ltd., the company in which
directors are interested. Consequent upon default by M/s. NH Securities
Ltd. for repayment of said financial assistance and adjusted the realized
amount. The Company has given credit of the said amount as recoverable from
NH Securities Ltd. Further the profit earned on invocation / sale of
security is profit of the Company earned during the year.
HUMAN RESOURCES
There are no employees covered under the limits as specified under section
217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of
Employees) Rules 1975.