The Exchange had sought clarification from Nitin Fire Protection Industries Ltd with respect to the news item appeared on ET Now on June 27, 2014 and the Company vide its letter dated June 27, 2014 in response to Exchange query of even date, wherein the Company has confirmed the news that a subsidiary company in Dubai, UAE has got an order worth Rs.270 crores from UAE International Airport for Fire Protection.
Nitin Fire Protection Industries Ltd has replied as under:
“New Age LLC, UAE is a subsidiary of Nitin Venture LLC, UAE and Nitin venture LLC, UAE is a subsidiary of Nitin Fire Protection Industries Limited.
As per Clause 36 of the Listing Agreements the Company has to report following
1. Change in the general character or nature of business
2. Disruption of operations due to natural calamity
3. Commencement of Commercial Production/Commercial Operations
4. Developments with respect to pricing/realisation arising out of change in the regulatory framework.
5. Litigation/dispute with a material impact
6. Revision in Ratings
7. Any other information having bearing on the operation/performance of the Company as well as price sensitive information, which includes but not restricted to;
i) Issue of any class of securities.
ii) Acquisition, merger, de-merger, amalgamation, restructuring, scheme of arrangement, spin off or selling divisions of the Company, etc.
iii) Change in market lot of the Company’s shares, sub-division of equity shares of Company.
iv) Voluntary delisting by the Company from the stock exchange(s).
v) Forfeiture of shares.
vi) Any action, which will result in alteration in, the terms regarding redemption/cancellation/retirement in whole or in part of any securities issued by the Company.
vii) Information regarding opening, closing of status of ADR, GDR, or any other class of securities to be issued abroad.
viii) Cancellation of dividend/rights/bonus, etc.
As per the above mentioned clause there is not mentioned that the Company has report to the Stock exchange if the subsidiary of Subsidiary Company got the order. Hence was missed out, henceforth we shall inform well in advance about business news, substantial and large orders.
Other point raised in your letter we have already clarify that the outcome of the Board Meeting held on May 17, 2014 the Company has passed the resolution for further issue of shares by way of preferential allotment, ADR, GDR, Warrant, FCCB etc.”