Issued to: Herald, Gomantak Times, Gomantak; Tarun Bharat; Goan Observer, Goa Today.on 1st. March, 2004 18:00 hours.
(Note: This Press -Note has not been delivered to Navhind Times as they inform us Quote WE DO NOT NEED TO RECEIVE PRESS NOTES/STATEMENTS Unquote) PRESS-NOTE Legal Notice has been served on the Board of Directors of EDC Ltd., by the Goa Su-Raj Party in respect of the waiver granted to Sim Chem Pvt. Ltd. Discrepancies have been noticed in the amount of Rs. 84.61 lakhs reported by Sim Chem as waiver from the EDC to the Registrar of Companies, and the amount of Rs. 77.51 lakhs claimed to have been waived off in the White Paper published by the Govt. of Goa. The Notice seeks details from the EDC Board as to whether the Board had passed a resolution to waive off the amounts due from Sim Chem Pvt. Ltd, or whether the Board had empowered any Officer(s) of the EDC to waive off amounts due from Loanee Companies . This aspect is significant as public records with the Registrar of Companies indicate that the EDC Ltd. Had nominated an Officer, Mr. Dayanand S. Kanekar, resident of Sanquelim, as Nominee Director on the Board of Sim Chem Pvt. Ltd., ostensibly to protect its own interests. Whether any measures to recover the amounts due to EDC were taken and also whether any legal action was initiated before the amounts were waived off, especially since the Company was financially sound and the loan amount was secured against the land assets and machinery of Sim Chem Pvt. Ltd. Which was "manufacturing pharmaceutical formulations for a large number of other pharmaceutical units including units of multinational pharmaceutical companies based in Goa", is also the subject matter of the Notice. It may be noted that the dues in public funds were waived off within a short period of 37 days on 29th April 2001, and that the said Unit is controlled by Mr. Prakash Sankawalkar and his brothers, who are closely related to Mr. Manohar Harishchandra Parrikar, the Chief Minister of Goa, who also directly and specifically holds charge of the EDC Ltd. As also the Finance portfolio of the Govt. of Goa. Quite obviously the Legal Notice appears to imply that extraneous considerations weighed heavily in waiving off the huge amounts in public funds owed by Sim Chem Pvt. Ltd., and accordingly seeks an explanation within fifteen days, failing which appropriate civil and criminal proceedings may be initiated by the Goa Su-Raj Party to secure genuine good governance. For Goa Su-Raj Party. Sd/- (Gerald Fernandes) General Secretary & Spokesperson ########################################################################## # Send submissions for Goanet to [EMAIL PROTECTED] # # PLEASE remember to stay on-topic (related to Goa), and avoid top-posts # # More details on Goanet at http://joingoanet.shorturl.com/ # # Please keep your discussion/tone polite, to reflect respect to others # ##########################################################################