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Advance Surfactant India Limited [ CIN: U74899DL1998PLC095458 ]
(Under Corporate Insolvency Resolution Process)
INVITATION FOR EXPRESSION OF INTEREST FOR
SUBMISSION OF RESOLUTION PLAN IN ADVANCE
SURFACTANTS INDIA LTD ( ASIL)
1. Introduction:
ASIL, earlier known as Advance Detchem Ltd (ADL), was set up as a Pvt.
Ltd. Co. in 1988. ADL operated Silvassa Unit while other group
Companies namely Aureola Chemicals Ltd and Advance Detergent Ltd.
were operating the other units. Aureola Chemicals Ltd and Advance
Detergent Ltd. were merged with ADL w.e.f 01.04.2006 and ADL was
renamed as ASIL.
The Company operated 5 units to manufacture Linear Alkyl Benzene
Sulphonic Acid (LABSA), Linear Alkyl Benzene Sulphonate ( LAS) and
Alum.LABSA is produced through an indigenously designed reaction
system, commonly used in formulations of all types of Synthetic detergent
powders, liquids and cakes. LAS is a fully neutralized component which
can be directly used in formulation to provide detergency to the product.
As per the last available audited financials, the Company has recorded net
turnover of Rs. 796.43 crore and profit before tax of Rs. 18.79 crore for the
financial year ended March 2015. No further information has been made
available by the Corporate Debtor despite repeated requests. Further ASIL
have not uploaded the audited financial statements for the years ended
2015-16 onwards on the MCA Web site. As informed by the Corporate
Debtor, the business operation of the Company stopped two years back and
all employees have left as there are no operations since Mid 2017.
The borrower Company in 2015-16 was the largest sulphonator in the
country with an installed capacity of 1.65 Lakh tonnes per annum. The
manufacturing units of ASIL are set up at following locations, and these
are lying closed:
i. Silvassa ii. Pondicherry iii. Pithampur ( Near Indore)
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iv. Mangalore v. Hooghly, west Bengal
Latest Visit Reports to these plants, carried out by the representatives of the
Resolution Professional are enclosed as Annexure -E.
ASIL is currently undergoing Corporate Insolvency Resolution
Process(“CIRP”) that has been initiated as per the provisions of Insolvency
and Bankruptcy Code (IBC) 2016 under the order of Hon’ble NCLT
Principal Bench, New Delhi in respect of CP (I.B.) No. 922(PB)/2018. The
corporate CIRP, in terms of the Hon’ble Tribunal Delhi order of the 28th
May 2019, would be ending on 24th Nov.2019.
2. Transaction Process:
The transaction process shall be completed in two stages, brief of which
is discussed hereunder
Stage I
• Submission of EOI by interested Resolution Applicants (RAs)
• Shortlisting of RAs by CoC
Stage II
• Access to Virtual data room room for due diligence by RAs for
Submission of Resolution Plan(s) by RAs
• Shortlisted Resolution Applicants will be provided the Information
Memorandum on signing the confidentiality agreement as per format at
Annexure D.
3. The qualification criteria for the proposed transaction is as under:
The applicant must be eligible under the provisions of Section 29A and
other provisions of the IB Code, 2016 and must be “fit and proper‟
person, not under any legal disability to be promoter under the applicable
laws including listing agreement, stock exchange requirements and SEBI
regulations and guidelines.
The applicant should have a Net Worth of at least Rs.20 cr. in case the
applicant is a body corporate or committed funds /or funds under
management of Rs 100 crore investment in case the applicant is an Asset
Reconstruction Company/ Private Equity/ Financial Investor / Non-
Banking Finance company / consortium of Investors, as per latest
audited financial statements which should not be older than 31st March
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2019, and shall submit all relevant documents/ information for its
promoter/promoter group or any other group company. The applicant
having adequate financial capability shall submit proof of its effective
net worth by means of Chartered Accountants Certificate in this regard.
4. Submission of EOI:
a. Expression of Interest (EOI) is invited in a sealed envelope super scribed as
, in the format as set out in Annexure “A‟ hereto.
b. Applicants shall submit the EOI with details set out in Annexure “B‟ along with the supporting documents set out as Annexure “C‟.
c. Applicant shall submit the sealed envelope containing a complete set of the
EOI in Electronic Form and hard copy along with the Annexures stated above, by post or deliver in person.
d. A soft copy of EOI along with annexures stated above should be
mailed to [email protected]
5. Last Date of Submission of EOI:
The last date for submission of EOI is 17th September 2019 (by 5 PM).
All the EOIs received will be reviewed by RP as well as CoC and
shortlisted applicants will be shared the Information Memorandum, prepared as per provisions of the Code, after their signing Non-Disclosure
Agreement.
Such shortlisted Applicants are required to carry out due- diligence and submit Resolution Plan by 26th October 2019 (by 5 PM). In view of limited time available for completing the Corporate Insolvency Resolution Process.
1. CoC has the right to cancel or modify the process without assigning any
reason and without any liability. This is not an offer document and is
issued with no commitment. Applicants should regularly visit the RP
website www.kgsip.com to keep themselves updated regarding
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clarifications/ amendments/ time-extensions, if any.
2. CoC/ Resolution Professional reserve the right to withdraw EOI and
change or vary any part thereof at any stage and also reserve the right to
disqualify any prospective applicant, should it be so necessary at any
stage.
3. No oral conversations or agreements with the Resolution Professional or
any official, agent or employee of the Resolution Professional, the
Company or any member of the CoC shall affect or modify any terms of
this EOI.
4. Neither the applicant nor any of the applicant’s representatives shall have
any claims whatsoever against the Resolution Professional or any member
of the CoC or any of their directors, officials, agents or employees arising
out of or relating to this EOI.
5. By submitting a proposal, each applicant shall be deemed to acknowledge
that it has carefully read the entire EOI and has fully informed itself as to
all existing conditions and limitations.
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“ANNEXURE – A”
FORMAT FOR EXPRESSION OF INTEREST FOR SUBMISSION OF
RESOLUTION PLAN IN ADVANCE SURFACTANT INDIA LIMITED
UNDER CIRP
To, Date: ____________
Mr.KG Somani,
Resolution Professional
KG Somani Insolvency Professionals Private Limited, 4th
Floor, 3/15, Asaf li Road
New Delhi - 110002
Subject: Expression of Interest (“EOI”) for submission of Resolution Plan in
Advance Surfactants India Limited (“ASIL”) under Corporate Insolvency
Resolution Process (CIRP)
Dear Sir,
In response to your public advertisement in [Insert the names of the newspaper and/or website] on [Insert date of the advertisement] inviting EOIs for submission of Resolution Plan in ASIL, we hereby submit our EOI.
We have attached necessary information requested in the format for EOI published
on the website of RP www.kgsip.com The information furnished by us in this EOI
is true, correct and accurate to the best of our knowledge. Based on this
information we understand you would be able to evaluate our preliminary
proposal in order to shortlist for the above-mentioned proposal.
We however, understand that K.G.Somani, Resolution Professional and the
Committee of Creditors (“COC”) reserve their right to decide whether or not to pre-qualify our proposal without disclosing the reason whatsoever and that Resolution Plan submitted in ASIL shall be subject to approval of the final
resolution plan by the members of COC and the NCLT, in terms of the provisions of the Insolvency and Bankruptcy Code, 2016.
Sincerely yours,
On behalf of (Insert name of the entity submitting the EOI) Signature:
Name of signatory:
Designation:
Company Seal/Stamp
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“ANNEXURE – B‟
DETAILS OF THE PROSPECTIVE INVESTOR / APPLICANT
1.1 Name and address
1.2 Name of the Investor/Applicant:
Address: Telephone No: Fax: Email:
1.3 Date of establishment of Investor/Applicant:
1.4 Core area of expertise of the Investor/Applicant:
1.5 Contact Person:
Name: Designation: Telephone No:
Email:
1.6 PAN No. or equivalent details of Investor/Applicant
1.7 Effective Net worth of the Investor/ Resolution Applicant
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“ANNEXURE – C”
SUPPORTING DOCUMENTS TO BE ATTACHED WITH EOI
a) Profile of the Prospective Investor / Applicant
b) Legal Documents: Copies of Certificate of Registration and Constitutional Documents of the Prospective Investor/ Applicant
c) For Turnover: Immediately preceding 3 (three) years‟ audited financial
results of the Prospective Investor and/or its promoter/promoter group or any other group company.
d) For Demonstration of funds availability: Statement of funds availability of the Prospective Investor and/or promoter/promoter group or any other group company.
e) For Net worth: The applicant should have a Net Worth of at least Rs.20 cr. in case the applicant is a body corporate or committed funds /or funds under management of Rs 100 crore investment in case an applicant is an Asset Reconstruction Company/ Private Equity/ Financial Investor / Non-Banking Finance company / consortium of Investors, as per latest
audited financial statement which should not be older than 31st March 2019, and shall submit all relevant documents/ information for its promoter/promoter group or any other group company. The applicant having adequate financial capability shall submit proof of its effective net worth by means of Chartered Accountant Certificate in this regard.
A notarized declaration from the applicant in order to demonstrate that
the promoter/promoter group or any other group company are part of
the same group, in case the applicant is using such entities for submitting
EOI. Please note that the applicant must be „fit and proper‟ person not
under any legal disability to be promoter under the applicable laws
including listing agreement and SEBI regulations and guidelines and
shall provide all relevant documents for its promoter/promoter group or any other group company.
▪ Investor/RAs Profile:
▪ Investor/RAs Financial Profile (consolidated/standalone as applicable).
▪ Experience of the Investor/RAs in the relevant sector.
▪ History if any, of the Investor/RAs or affiliates of the Investor/RAs being declared a “willful defaulter‟, non-
cooperative borrower‟, “non-impaired asset‟ or „non-
performing asset (Self Declaration)
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“ANNEXURE – D”
CONFIDENTIALITY AGREEMENT
This Confidentiality Agreement is dated , 2019 between: , a company
incorporated under the laws of and having its registered office at
(hereinfter referred to as “Receiving
Party”, which expression shall, unless it be repugnant to the context or meaning
thereof, shall mean and include its successors and permitted assigns);
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Advance Surfactants India Limited, a company incorporated under the laws
of India and having its registered office at 511/2/1, VILLAGE RAJOKARI
NEW DELHI DL 110038 IN (hereinafter referred to as “Disclosing Party”,
which expression shall, unless it be repugnant to the context or meaning thereof,
shall mean and include its successors and permitted assigns);
WHEREAS the Disclosing Party intends to disclose certain information to the
Receiving Party regarding Advance Surfactants India Limited for the purpose
of conducting a Due diligence on the Disclosing Party;
AND WHEREAS the Receiving Party has agreed to keep the information
confidential on the terms of this Agreement;
NOW THEREFORE in consideration of the foregoing and the mutual
agreements contained in this Agreement (the receipt and adequacy of which
are acknowledged), the Parties agree as set forth below.
1. Defined Terms.
As used in this Agreement, the following terms have the meanings set
forth below.
"Affiliate" means, in respect of a Party, any Person (other than a natural
person) which (a) is controlled directly or indirectly by such Party, or
(b) is directly or indirectly controlled by a Person which directly or
indirectly controls such Party. "Control" means the right to appoint
majority of directors or to control the management or policy decisions
exercisable by a person or persons acting individually or in concert,
directly or indirectly, including by virtue of their shareholding or
management rights or shareholders agreements or voting agreements or
in any other manner.
"Agreement" means this confidentiality agreement, as amended,
modified, restated, replaced or supplemented from time to time.
"Business Day" means any day of the year, other than a Saturday, Sunday
or any days on which major banks are closed for business in India.
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"Confidential Information" means all information relating to
Disclosing Party's business, operations, assets, liabilities, plans,
prospects and affairs, which has been or is disclosed to or acquired by
the Receiving Party regardless of whether such information is in oral,
visual, electronic, written or other form and whether or not it is identified
as "confidential".
"Law" means any applicable law, statute, code, constitution, treaty,
ordinance, order, decree, directive, rule, published policy, regulation or
decision of any competent judicial, legislative, administrative,
ministerial, departmental or regulatory body or authority or by the rules,
policies or other requirements of any relevant stock exchange.
"Notice" has the meaning specified in Section 9.
"Party" means either Receiving Party and Disclosing Party and any
other Person who may become a party to this Agreement. These parties
may be referred to individually as "Party" or collectively as "Parties".
Reference to a Party includes such Party's Representatives and affiliates
and their Representatives.
"Person" means a natural person, partnership, limited partnership,
limited liability partnership, and corporation, limited liability
Corporation, unlimited liability company, joint stock company, trust,
unincorporated association, joint venture or other entity or a
governmental or other regulatory entity, and pronouns have a similarly
extended meaning.
"Representative" means any director, officer, employee, agent, or
advisor of that Party, including accountants, counsel, lenders,
consultants and financial advisors.
"Work Papers" means all notes, analyses, compilations, forecasts, data,
studies, interpretations, or other documents prepared by, on behalf of or
for the benefit of, the Receiving Party that contain, reflect, summarize,
analyze, discuss or review any Confidential Information.
2. Interpretation
In this Agreement, the words "including", "includes" and "include" mean
"including (or includes or include) without limitation". The expression
"Section" or other subdivision followed by a number mean and refer to
the specified Section or other subdivision of this Agreement. Words
referencing the singular include a reference to the plural and vice versa.
3. Non-Disclosure of Confidential Information.
(a) The Receiving Party will keep strictly confidential all Confidential
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Information and Work Papers and will not, and will cause its
Representatives not to, disclose or use such Confidential
Information or Work Papers except as permitted by this
Agreement.
(b) The restrictions set out in Section 3(a) do not apply to Confidential
Information or any part of it that:
(i) is or becomes generally available to the public other than as
a result of disclosure directly or indirectly by the Receiving
Party;
(ii) is or becomes available to the Receiving Party on a non-
confidential basis from a source other than the Disclosing
Party;
(iii) is or was independently acquired or developed by the
Receiving Party, its affiliates or their respective
Representatives without violating its obligations under this
Agreement or any other obligation of confidentiality it may
have to the Disclosing Party;
(iv) is required to be disclosed by Law, unless such Law permits
the Receiving Party, its affiliates or their respective
Representatives to refrain from making such disclosure for
confidentiality or other reasons; or
(v) the Disclosing Party has expressly permitted in writing that
the particular Confidential Information may be disclosed.
(c) The Receiving Party may disclose Confidential Information and
its Work Papers to its Representatives but only to the extent that
its Representatives need to know the Confidential Information or
Work Papers for purposes of evaluating such Confidential
Information or Work Papers, have been informed of the
confidential nature of the Confidential Information and Work
Papers and agree to be bound by and act in accordance with the
confidentiality provisions of this Agreement.
(d) The Receiving Party acknowledges that it and its Representatives
are bound by all applicable privacy law with respect to any
personal information disclosed under this Agreement.
(e) The Receiving Party hereby acknowledges that it is aware, and
that the Receiving Party will advise its Representatives who are
informed as to the matters that are the subject of this agreement,
that applicable securities laws prohibit any person who has
material, non-public information concerning the matters which
are the subject of this agreement from purchasing or selling
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securities of the Disclosing Party, including an affiliate, or from
communicating such information to any other person under
circumstances in which it is reasonably foreseeable that such
person is likely to purchase or sell such securities.
(f) The Receiving Party is responsible for any breach by its
Representatives of any of the provisions of this Agreement
whether or not they have agreed in writing to be bound by such
provisions. The Receiving Party will, at its sole expense, take all
reasonable measures to ensure that its Representatives do not
breach any of the provisions of this Agreement.
(g) If the Receiving Party is required to make disclosure of any or all
of the Confidential Information and/or its Work Papers pursuant
to Law it will (unless otherwise prohibited by Law and to the
extent possible), after consultation with the Disclosing Party:
(i) give the Disclosing Party immediate Notice of the
requirement and the proposed content of any disclosure;
(ii) at the costs of the Disclosing Party, co-operate with the
Disclosing Party in limiting the extent of the disclosure and
in obtaining an appropriate protective order or pursuing
such legal action, remedy or assurance as the Disclosing
Party deems necessary to preserve the confidentiality of the
Confidential Information; and
(iii) disclose only that portion of the Confidential Information
and its Work Papers that it is, in the written opinion of the
Receiving Party’s counsel, legally compelled to disclose.
4. Handling and Return of Confidential Information.
(a) The Receiving Party will keep a written record of the subject and
location of all Confidential Information disclosed to it and a list
of Representatives to whom Confidential Information has been
disclosed and will provide a copy of the record and list
immediately to the Disclosing Party upon request.
(b) Confidential Information shall be only for review by the
Receiving Party and its Representatives. The Receiving Party may
not remove any proprietary, copyright, trade secret or other legend
from any of the Confidential Information.
(c) After the completion of resolution process under the IBC,2016,
the Receiving Party will and will cause its Representatives to,
within 7 Business Days of the Notice:
(i) Return to the Disclosing Party or destroy all
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Confidential Information without retaining any
copies;
(ii) destroy all copies of Work Papers in its possession; and
certify to the Disclosing Party in writing that this Section 4(c)
has been complied with by the Receiving Party.
(d) Notwithstanding the foregoing, neither the Receiving Party or its
Representatives are required to return or destroy the Confidential
Information to the extent that it is obliged by any law, court of
competent jurisdiction, competent regulatory agency or authority,
applicable compliance procedures or the rules of any stock
exchange to keep them;
(e) Notwithstanding the return or destruction of Confidential
Information and Work Papers, the Receiving Party and its
Representatives will continue to be bound by their obligations of
confidentiality and other obligations hereunder.
5. No Representation or Warranty.
(a) The Disclosing Party and the Resolution Professional makes no
representation or warranty, expressed or implied, as to the
accuracy or completeness of the Confidential Information
provided by it or with respect to the infringement of patents, trade-
marks, copyrights, or other intellectual property rights respecting
such Confidential Information, or of the rights of any other
Person.
(b) The Disclosing Party and the Resolution Professional is not liable
to the Receiving Party or to any other Person for any losses,
liabilities, damages, claims, demands, fines, penalties or
expenses resulting from, connected with or arising out of the
Receiving Party's use of the Confidential Information. This
Agreement does not benefit or create any right or cause of action
in, or in favor of, any Person other than the Parties and shall
exclude any rights under legislative provisions conferring rights
under a contract to persons not a party to that contract. Only the
Parties are entitled to rely on its provisions in any action, suit,
proceeding, hearing or other forum subject to clause 5(d)
(c) To the extent that any Confidential Information is owned by the
Disclosing Party, it will remain the exclusive property of the
Disclosing Party. Nothing in this Agreement or in the disclosure
of any Confidential Information confers any interest in the
Confidential Information on the Receiving Party.
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(d) The Resolution Professional shall not be held liable for any
damages/ liabilities arising out of the use of confidential
information or the accuracy of the confidential information.
6. Remedies.
(a) In the event of a breach of a Party's obligations under this
Agreement, that Party must, immediately following discovery of
the breach, give Notice to the other Party of the nature of the
breach. The breaching Party must, upon consultation with the
other Party, take all reasonable measures to limit the extent of the
breach.
(b) The Receiving Party acknowledges that the Disclosing Party shall
be irreparably injured by breach of this Agreement which could
not be adequately compensated by damages. The Disclosing Party
shall be entitled to equitable relief, including injunctive relief and
specific performance, in the event of any breach of the provisions
of this Agreement. Such remedies shall not be exclusive remedies
but shall be in addition to all other remedies available in law or in
equity including damages.
(c) The rights and remedies provided in this Agreement are
cumulative and are in addition to, and not in substitution for, any
other rights and remedies available at law or in equity. All such
rights and remedies may be exercised from time to time, and as
often and in such order as the applicable Party deems appropriate.
(d) Each Party shall have a duty to use all reasonable endeavors to
mitigate its loss and damage arising on account of the breach or
default by the other Party.
(e) Except as may be otherwise provided in this Agreement, or breach
by either party will result in the other party being responsible to
reimburse the non-defaulting party for all costs incurred directly
as a result of the breach of this Agreement and shall be subject to
such damages as may be allowed by law including all attorneys'
fees and costs of enforcing this Agreement. However, the
provision of clause 7(e) shall survive the termination of the
agreement.
(f) Subject to the foregoing provisions of this Section 6, if the
Receiving Party or any of its Representatives is in default or
breach of its obligations under this Agreement, the Receiving
Party shall indemnify the Disclosing Party from and against any
direct cost, loss, expense, liability, claim or damage which the
Disclosing Party incurs or suffers as a result of any such default or
breach. Notwithstanding the forgoing, in no event, shall the
Receiving Party be liable for any consequential, punitive, special,
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exemplary or other similar damages.
7. Other Covenants and Agreements.
(a) The Parties irrevocably undertake not to circumvent, avoid,
bypass or obviate each other, directly or indirectly and agree on
customer and partner protection for all mutual named customers
and partners. By signing this agreement, the parties commit to
each other not to contact the partners and customers of the other
party or to start any business activity, directly or via third parties,
without previous written consent.
(b) The Parties shall not disclose any contact revealed by either Party
to any third Parties and shall not enter into direct and/or indirect
offers, negotiations and/or transaction with such contacts revealed
by the other Party who made the contact(s) available.
(c) In the event of circumvention by any of the undersigned Parties,
whether direct and/or indirect, the circumvented Party shall be
entitled to a legal monetary compensation equal to the maximum
service it should realize from such a transaction, plus any and all
expenses, including any and all legal fees incurred in lieu of the
recovery of such compensation
(d) Nothing in this Agreement nor the disclosure of Confidential
Information to the Receiving Party creates any agency,
partnership, joint venture, and representative or employment
relationship between the Parties.
(e) The obligations of the Parties under this Agreement continue and
are binding for 3 years.
8. Acknowledgements of Receiving Party.
Each Party acknowledges and agrees that, notwithstanding any other
provisions of this Agreement, all contacts by one Party and its
Representatives with the other Party regarding the Confidential
Information shall be made through each Party’s authorized
representative, and one Party and its Representatives shall not contact
any other employee of the other Party unless expressly authorized.
9. Miscellaneous.
(a) Any notice, consent, direction or other communication (each a
"Notice") given regarding the matters contemplated by this
Agreement must be express and in writing, sent by personal
delivery, courier or facsimile (but not by electronic mail) and
addressed to:
Receiving Party Name:
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Address: Attention: Designation: Telephone/Mobile No:
Email Id:
Disclosing Party Name: Advance Surfactants India Limited
Address:
Designation:
Telephone/Mobile No:
Email Id:
A Notice is deemed to be delivered and received (1) if sent by
personal delivery or service courier, on the date of delivery, or (2)
if sent by facsimile, on the day following the date of confirmation
of transmission by the originating facsimile, or (3) if sent by e-
mail, on the day the e mail was sent.
(b) Except as otherwise expressly provided in this Agreement, each
Party will pay for its own fees, costs and expenses incurred in
connection with this Agreement. The fees, costs and expenses
referred to in this are those that are incurred in connection with
the negotiation, preparation, execution and performance of this
Agreement, including the fees, costs and expenses of counsel,
financial advisors, bankers, lenders and accountants.
(c) No waiver of any provision of this Agreement constitutes a waiver
of any other provision (whether or not similar). No waiver is
binding unless executed in writing by the Party to be bound by the
waiver. A Party's failure or delay in exercising any right under this
Agreement is not a waiver of that right. A single or partial exercise
of any right does not preclude a Party from any other or further
exercise of that right or the exercise of any other right it may have.
(d) This Agreement constitutes the entire agreement between the
Parties relating to its subject matter and supersedes all prior
agreements, understandings, negotiations and discussions
between the Parties, whether oral or written.
(e) This Agreement may only be amended, supplemented, or
otherwise modified by express written agreement signed by the
Parties.
(f) Neither this Agreement, nor any of the rights or obligations under
this Agreement, are
assignable or transferable by a Party without the express prior
written consent of the other Party.
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(g) If any provision of this Agreement is determined to be illegal,
invalid or unenforceable by an arbitrator or any court of competent
jurisdiction from which no appeal exists or is taken, that provision
will be severed from this Agreement and the remaining provisions
will remain in full force and effect. This clause has no effect if the
severance alters the basic nature of this Agreement.
(h) This Agreement and any dispute, controversy or claim arising out
of, relating to, or in any way connected with this Agreement
(including, without limitation, the existence, validity,
performance, breach or termination thereof) shall be governed by
the laws of India. Any such dispute, controversy or claim shall be
fully and finally resolved by binding arbitration in accordance
with the Rules of Arbitration of the Disclosing Party. The seat of
such arbitration shall be in New Delhi, India. The language of such
arbitration shall be English. The dispute shall be heard by three
(3) arbitrators. Within thirty (30) days of the respondent’s receipt
of notice of arbitration, the Disclosing Party, on the one hand, and
the Receiving Party, on the other hand, shall each select an
arbitrator, and within fifteen (15) days of selection of the second
arbitrator, the two arbitrators shall select the third arbitrator, who
shall act as the Chair.
Each arbitrator must be independent and disinterested and must
not be affiliated in any way with any of the Parties.
(i) This Agreement may be executed in any number of counterparts
and all counterparts taken together constitute one and the same
instrument. Receipt of an originally executed counterpart
signature page by facsimile or an electronic reproduction of an
originally executed counterpart signature page by electronic mail
is effective execution and delivery of this Agreement. Any Party
sending a counterpart by facsimile or electronic mail will also
deliver the original signed counterpart to the other Party; however,
failure to do so will not invalidate this Agreement.
Receiving Party Disclosing Party
By :
By:
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IN WITNESS WHEREOF the Parties have executed this Agreement.
Company Name: Company Name:
Name: Name: Designation: Designation: Place: Place: Date: Date:
Witness: Witness: Name: Name: Address: Address:
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Annexure – E
SITE VISIT REPORTS OF ADVANCE SURFACTANTS INDIA LIMITED
HOOGHLY
1. Introduction: I visited the Hooghly (Chuchura) plant of Advance
Surfactants India Limited on 30th July 2019. I reached the plant around
10:30 am. Mr Vishal Sharma and Mr Sunil Tiwari (official/representative
of CD) were present at the site. The plant gate was found to be closed and
locked from inside. On enquiry I was informed that the plant is closed since
March 2018 and the Security team has abandoned the site since past seven
/eight months. I was further told that at the time of leaving, the Security
personnel had locked the gate from inside and jumped off the gate and left.
The Company officials are not able to contact the security personnel and
hence the only way to open the gate is to break open the lock from inside.
Mr Sharma was insisting for us to take over the plant on ‘as is where is’
condition by breaking open the lock for which he can arrange a local help.
However, we declined to take over the plant till basic facilities like power,
water grass are available and grass cutting near security enclosure is
arranged to facilitate positioning of Security guards. After prolonged
deliberation Mr Sharma and Mr Tiwari decided to send someone inside to
break open the lock and open the gate.
2. Status of the Plant: The entire premise was found to be full of thick tall
grass, shrubs and trees. Since the adjoining areas have open fields, we were
told that there is good possibility of snakes lying around in the premise
beneath the grass, especially in this season. The Security enclosure at the
entrance of the plant was found to be covered with bushes and thick grass
and is totally unliveable at this moment. The Security agency requested us
to make the following arrangement at the earliest to enable them to position
security guards:
a. Cutting of grass and bushes around the Security enclosure.
b. Provision of portable DG set to arrange minimum lighting facility in
the night.
We managed to go around most part of the plant to have an overview of
the facilities. Our observations are as follows:
a. Plant & Machinery: Completely worn out condition due to lack of
maintenance and corrosion. The walls are found broken in many
places.
b. Tank Firm Area: There are eight storage tanks with various capacities.
These are in fair shape.
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c. Office Room: The entrance is full of thick grass and wood. The room
is in a very bad shape. There are no doors, windows or furniture. All
the records /registers are strewn on the floor. Many of these are in a
torn condition.
d. Lab Room: No doors. Many small bottles of chemical samples are
stored.
e. DG & Transformer Rooms: We could not inspect as the shutter of
WBSEB power transmission room was locked. We were told that the
WBSEB officials have locked the shutter and removed the panels
before disconnecting the power supply. The DG room could not be
inspected due to inaccessibility.
3. Local Issues: We were told that there are many unpaid disgruntled
workers/vendors/contractors in the neighbourhood who have not been paid
for long and have deep discontent against the CD. Considering this, it may
be necessary to keep the local police station informed before IP takes over
custody of the facilities.
-Mr. Debasish
-
MANGALORE
1. Date of Visit: 15th and 16th August 2019
2. Plant Location: Survey No. 16, Baikampady Village Surathkal Hobli
Mangalore
3. Person Contacted: Shri Pramod Kumar, Mobile No. 9964382204
Observations
15th August 2019
i. The undersigned reached Mangalore on the 15th August 2019. Being
Independence Day, all the shops/ photo studio, who could carry out
photography of the factory were closed. With a view to having an
Idea of the exact location of the plant; it being about 16 Kms away
from the SBI Guest House, the undersigned planned the first visit on
the 15th August 2019 itself. Shri Pramod Kumar, the Corporate
Debtor representative and looking after the factory premises, was
available.
ii. Reached the plant at around 3.30 PM. The main entrance gate was
locked; in fact appeared to have not been operated for months/ years
as some wild grass was found grown on the gate. As it had been
raining at Mangalore, the entry from small front gate was also
covered with grass and water.
iii. Front area of the plant was submerged in water with wild grass
grown all around. Despite efforts made by Mr Pramod, the front
main shutter leading to the factory area could not be opened. We
could able to enter the premises from office side of the building and
from the window could see the plant. The plant and machinery
appeared to be intact. The office building also had flooding of rain
water and files and papers, stated to be pertaining to the Mangalore
Plant, were lying scattered on the tables and racks in the rooms. No
power was available.
iv. On enquiry, Mr Pramod apprised that he is the only one looking after
the security of the plant for the last two years after it stopped
production. In fact he was an employee of ASIL and after the plant
stopped operation, he had been retained by Shri Ashok Mahindru on
payments of Rs.9000/- to Rs.10000/- per month, and that he looks
after the security of the plant. During the course of discussion, he
advised that he has been paid his salary/ charges regularly and
that he is ready to continue the job with ASIL.
Further enquiry with Mr Pramod revealed that he has been with ASIL since
1998 and started his stint with the company from Pondichery plant,
and shifted to Mangalore in 2001-02. He continued to work as an
employee up to Nov/ Dec 2017, since when the plant is lying closed
-
and after all the employees left the Company, his services are now
being used for the security of the plant.
v. Told Shri Pramod that the undersigned shall visit again on the
morning of the 16th August 2019 along with a photographer, and
requested him, in the meanwhile, to make way at the entrance to the
plant and if he could open the shutters for entry in the plant area.
16th August 2019
i. Could able to find out a photographer who agreed to take
photography of the factory. Reached at the site at around 11.30 AM.
Mr. Pramod was present.
ii. We could able to enter the factory from the small gate and also could
enter the plant floor as Shri Pramod had been able to open the shutter
by breaking the locks. Entire P&M was housed in ground plus two
floors.
iii. Took photograph of the entire plant and machinery. In absence of
the latest record / documents containing details of the P & M
available at Mangalore Plant, it is not possible to comment as to
whether all the P&M, as available in the books of the Company, was
available on the date of the visit. Incidentally, the available P & M
available was matched with the items of P&M listed out by the
Valuers M/s Sushil Associates, Kodabail, Mangalore in its valuation
report of September 2016, and were found there, although in a
highly rusted condition as the same have not been in use for years.
iv. Except for two Sulphuric Acid Tanks which were damaged and, as
advised by Mr. Pramod, require replacement, all other machinery,
though rusted, found intact as can also be seen from the photographs
attached with the report. However, the actual condition of the
machinery available at the plant can be gauzed only if these are put
to use to restart the production.
a. Although DG set was said to be there in the room meant for the
generator set, the room could not be opened, and photograph of
the genset stating to be lying inside were taken from one of the
Windows in the room.
b. The cover sheet of the plant was found to be damaged at different
places, especially in the front area, and hence susceptible to
seepage of rain water.
c. The building housing the office consisting of the ground floor
only, adjacent to the plant, was found to be damp with seepage
of rain water. The files and records of the plant was lying
scattered on the tables and racks placed in the rooms.
-
d. The area of the factory outside the building housing the plant and
the office building was immersed in rain water with wild grass
grown all around the place
e. Photographs of the plants and machinery at the plant are
attached. These form part of the visit report.
f. As already submitted the entire machinery has been rusted.
v. The factory on its left side of the boundary has the factory of Accord
Veneers, on the right side boundary has the factory, being used as a
godown, by Everest Sea Foods Pvt. Ltd and on the front side, across
the road, has the office and factory of Eswari Global Metals
Industries Pvt. Ltd.
- Vijay K. Gupta
-
PUDUCHERRY
1. Date of Visit: 29th And 30th August 2019
2.Name of the RP and his representative who visited the plant:
a) Shri K.G Somani, RP
b) Shri Vijay K. Gupta, Advisor
3. Plant location: RS 9/3 and 9/4, Managalam main road, Vadamanagalam,
Palli Thennal kandamanagalam, Pondicherry 605102
4. Persons Contacted: a)Shri Chanemougame, Contact person ( Ex Employee)
b) Shri Munuswamy, Driver
c) Shri Joseph, Commercial operations
d) Shri Ramasre, employee
e) Shri Sudershan Prasad, Welder
f) Shri Jitender Singh, employee
All the above employees, including Shri Chanemougame, whose name was given
as contact person by Shri Ashok Mahendru, erstwhile director of ASIL, have left
the factory since October 2018 , though not resigned, owing mainly to stoppage
of production at the factory.
5. Observations of 29th August 2019
I. . We reached the factory site direct from our way from Chennai to Puducherry. Shri Chanemougame,, along with other persons referred to
at 4 above were already present at the factory site.
II. Keys of the factory were with one Mr. Jitender Singh, an erstwhile employee, who had opened entry to the factory from a small gate. On
enquiry, Mr. Chanemaugamne revealed that he was last working as
Regional Manager with ASIL. He joined the Company in 1997 and left
in June 2018 after he was not paid salary since June 2017. He further
stated that the factory is lying closed since Dec 2015. He has now joined
another local company at Puducherry. To our further query, Shri.
Chanemougame, stated that he has come to the plant on receipt of
message from Shri Ashok Mahindru, and that the security agency at the
plant has been discontinued for the last two years for want of payment
of outstanding dues. At present, the keys of the plant have been given
to Shri Ram Nivas, who was working as Foreman with the Company.
Shri Ram Nivas has gone to his home town leaving the keys with
another colleague Sh namely Shri Jitender Singh.
III. Shri. Chanemougame, was conveyed our programme for 30th Aug 2019, and he was requested to be present in the factory premises at 9
a.m. to enable us to take list of the plant and machinery and other assets
available at the factory and also take photograph of the factory.
IV. Two main gates, providing entrance to the factory besides the small gate, were locked from inside. These gates were pasted with and filmy
and other posters. There was no Board indicating the name of the
-
Company displayed on the outer wall of the factor
V. On entering the factory, two distinct structures were available in the complex, one and the other being the shed housing the plant and
machinery. administrative building.
VI. Besides, as disclosed by Shri. Chanemangamne, the Company owns a plot of land (9/4), adjacent to the plot of land housing the factory. The
plot has been lying vacant except wild bushes and vegetation.
VII. Except on the right side of the administrative building and also on the right side of the plant and on weighting bridge where lot of wild grass/
bushes have grown, the other part of complex was easily accessible.
VIII. A preliminary look at the shed housing the plant, reveals that the entire P&M, being not in use for the past 2-3 years, had been rusted and not
in working condition.
IX. The administration block also appears to have not been used for years, with the records related to the plant lying scattered.
30th August 2019
I. Reached the factory on 30th August 2019 at 9.30 A.M. The photographer, Shri. Chanemangamne and other 5 erstwhile employees
of ADIL, were already present there.
II. Again entered the factory premises from the small gate. III. With the help of one of the erstwhile employee, took photographs of
outside the complex, the administration building and the P&M.
Photographs of the P&M and other assets and List of the machinery
available at the plant is attached as Annexure- I & II.
IV. With regard to the state of the P&M at the plant, we observed as under:- a. Almost entire P & M was rusted owing to its non-use for almost 2 years.
b. Except for 2 motors installed at ground floor of the factory, all the other
machines were without motor machine which appear to have been removed.
c. We are doubtful about the working condition of the Generator Set and other
machines available at the site.
d. The site has been without electricity since Dec 2017 on account of non
payment of electricity bills. The arrears of approximately Rs.72,000/- were
accumulated on this account at that point of time, as revealed by Mr.
Chanemougame,
V. The administration building, although not in use for almost 2 years or
so, the construction appears to be in good conditions.
VI. Entire record of the factory, was stored in approximately 10 big trunks
lying in the basement of the administrative building besides lying in the
almirahas/ on tables, besides lying scattered in an adjacent Room in the
basement.
VII. Interaction with 5 other erstwhile employees present at the site revealed
as under:
a) Shri Munuswamy:
Was working in the company as driver for 25 years. Left in October 2018.
-
b) Shri Joseph was working in the commercial department of the factory at
Puducherry since April 2018. Left since 2018
c) Ramasre joined the company at Indore in 1998 and came to Puducherry in
2005. Has since left in October 2018.
d) Sudershan Prasad : was working as welder in factory and looking after
maintenance of the plant since August 1999 and left in Jan 2017. Presently
working as contract labour/welder with another company.
e) Jitender Singh joined in December 1998 and left in October 2018
All the above referred erstwhile employees stated that they stopped coming to
the factory owing to stoppage of production in 2017 and also non payment of
salaries by ASIL. They further stated that although they have stopped coming to
the plant, they have not formally resigned from ASIL.
viii. The factory is located at the highway, easily accessible by all weather road.
On the sight side of the factory, there is a running factory of Appaswamy occular
division (manufacturing contact lenses.), on the left side, by the factory premises
of Tamil Nadu Petro Products, lying closed since August 2017. On the front side
there is a proper road, Mangalam road, about 20 feet wide.
ix. As revealed by Shri Chanemougame, the produce from the factory was mainly
supplied to Hindustan Unilever, Jyothi Laboratories, Local Brands in and around
Tamil Nadu and Andhra Pradesh.
-Vijay K. Gupta
Encls: list of machinery and plants
-
List of Equipment
Puducherry Plant as on 30th August 2019
S. No. Particulars Numbers
1 Reactors 5
2 Measuring Tank LAB 4
3 Measuring Tank Acid 4
4 Measuring Water Tank 4
5 Daily Tank LAB 3
6 Daily Tank Acid 1
7 Spent Chamber 3
8 Cooling Tower* (2* of the 3 tanks were
found to be without any machinery)
3
9 LABSA Storage Tank 1
10 Spent Storage Tank 1
11 Heat Exchanger 1
12 Acid Storage Tank 1
13 LAB Storage Tank (Big) 3
14 LAB Storage Tank (Small) 1
15 Weigh Bridge 1
16 D.G. Set 1
17 25 HP Motor 3
18 75 HP Motor 1
19 3 HP Motor 2
20 5 HP Motor 3
21 Small Storage Tank 1
22 Small Water Machine 1
23 Fiber Tank 2
24 Water Pump Motor 1
i. Plant and Machinery listed above have not been in working order.
ii. Water Pump Motor stated to be located in the space between the
boundary wall and the wall of the factory on the left side of the plant
site, could not be physically inspected.
-Vijay K. Gupta
-
SILVASSA
The undersigned visited Advance Surfactants India Limited unit at Silvassa,
Dadra and Nagar Haveli on 31st July and 1st August 2019. Mr Ashok Mahindru,
CD had informed on 30th July evening that he would not be able to come to the
plant and he was deputing Mr Dongre who had worked in the plant earlier. He
mentioned that the contact person Mr Chhavinath will be there at Silvassa plant
itself.
On 31st July 2019, at 10:45 AM, the undersigned reached the factory premises of
Advance Surfactants India Limited at Galonda village, Jaripada on Kilvani Road.
The contact person, Mr. Chhavinath as a caretaker, and two security guards were
present in the plant premises. Mr. Chhavinath mentioned that he has been asked
by Mr. Ashok Mahindru to continue to stay at this place and since then he is there
at the plant, guarding the premises along with security who keeps communicating
with him and others from Advance Surfactants from Delhi. He mentioned that he
did not get any wages for about 2 years and so he is hard pressed. Based on the
assurance given to him in the past, he expects to get his backlog of salary from
company soon. The undersigned advised him to submit his claim for the
outstanding wages due from Advance Surfactants India Limited as per the IB
Code 2016 in the prescribed the Form D. He mentioned that, initially, he was
working in Roorkee in some other plant and later the company transferred him to
this plant at Silvassa.
It was told that there is no power supply to the plant as the supply authorities had
disconnected the power supply due to nonpayment of outstanding dues. Security
personnel mentioned that in the day time there are 2 persons on the duty and in
the night there are 3 persons including an armed guard.
Mr Dongre arrived at about 12:30 PM, he mentioned that he was an operator here
in the lant and was here till last year. As it was raining almost continuously since
morning, there was water-logging in some areas. We took a round of the factory
area along with Mr Dongre but there was water logging in most of the plant areas
and inaccessibility inside the sheds/shops we could not go to all the areas.
The main issues and observations were as follows:
1. Security:
-Security agency M/s Rangerss Security & Services which was asked by
us to continue since 19th July 2019, had deployed 2 guards in day
time and 2 guards & 1 gunman(armed Guard) in night. Later, MD
of the agency Mr Aslam Khutliwala also came to the plant. He
wanted to know the status of the company and how he would get
his outstanding dues under the ongoing CIR Process. On knowing
the status, he mentioned that he would not like to continue with
security work, as he is not even certain for getting payment against
current bills/security charges. He was assured that the Bankers
have already agreed to make payments for the security for the
period starting w.e.f., from 19th July 2019. However, he wanted that
unless payments against his invoices/bills are made immediately
-
within 7 days, he would not be able to continue the work as he also
has to thereafter comply with other statutory formalities, as per
prescribed time schedule. Regarding his outstanding payment
towards the security charges for period earlier to 19th July 2019, he
was advised to submit the claims as per IB code 2016 in the
prescribed form to Resolution Professional for compilation, as per
notice displayed at the Plant.
The undersigned assured that on getting the invoice/bill for a calendar
month on 1st of the following month, efforts will be made to get the
payment released from the Banks by 10th of the month. He then
agreed to continue the security services for the plant.
There is a Shiva Temple adjacent to the main Gate (left corner), which
has separate entry from the road outside. The temple is owned by
the company and is constructed on the company’s land.
2. Inspection / visit of the plant:
- First, a round was taken for inspection of the boundary of the plant.
It was observed that the about 10 meters of boundary wall, on the rear
side (opposite side of the temple) near new project area, had collapsed
due to land slide, as the neighbouring agriculture land was low lying. A
temporary shield with asbestos sheets was existing to prevent any
access/entry to the premises. On other sides, the boundary wall is intact
with barbed wire on top.
- Thereafter, a visit of the various units of the plant was made. It was
told that the plant was stopped in May 2017. The main raw materials
for the plant were received by road viz, LAB (Linear Alkyl Benzene)
and Sulphur. Large tanks are for storage of LAB, being the incoming
raw material. Some stock of Sulphur was lying in the covered shed.
Some areas in the production units were inaccessible viz LABSA
(Linear Alkyl Benzene Sulphonic Acid) Plant, Stores
room/engineering store, as entry could not be opened.
- The Equipment consisted of mostly tanks, vessels and pipelines. At
some of the places, the outer sheet of pipelines were in damaged
condition and insulation packing was coming out. Some durms filled
with LABSA were lying (blue color) in two areas in two areas of the
plant.
- As in some areas, there was water logging for many days, the plant &
equipment could not be inspected. Many places, the pipelines/structures
were in rusted/corroded condition.
- It was indicated that revival of the plant may require lot of efforts and
expenditure.
- There were under construction area on the rear side of the plant. It was
told that construction work for the Dry Sulphonate Plant project had
-
started but was abandoned later. The concrete columns had been
completed and two tanks were visible on the top of the structure. More
information about the new project was not available.
- Visit to Office Building: The lock at the gate of the Office building
was opened by Mr Dongre. There was no lighting as there was no power
supply. At the ground floor, there was a laboratory hall in which some
testing equipments were there. The equipment/ items lying in the main
hall and adjacent room, separated by glass partition, were not in kept in
proper manner. Some drums of chemicals were lying near the stairs.
- At the first floor, Chairman’s room, Conference Room and rooms of
Administration, Commercial Manager and General Manager are
located. There was seepage of water in GM’s room. The door of the
adjacent space could not be opened, which had lot of old record, files
etc dumped haphazardly, as was visible through glass partition. The
open space was having staff tables, a photocopy machines and some
trunks lying there.
- At the roof, there was a room in the corner with records dumped, as
visible from outside through the glass partition.
3. Details about Silvassa plant required for preparation of Information
Memorandum:
The undersigned enquired about following documents/information about
the Silvassa plant which may be required for the preparation of
Information Memorandum:
- Unit Accounts of Silvassa till last operations
- Fixed Assets register; list of assets/equipment unit-wise
- List of current assets incl. raw material inventory; Finished products
and stores & spares
- Reasons for disconnection of power supply; notices receive, if any
- Ownership and registration documents of land & buildings and Factory
License including Consent to operate from State PCB, environment
clearance etc
- ISO documents along with Plant flow diagram and Plant layout
showing locations of units and major equipment
Mr Dongre who was the person deputed by Mr Mahindru, said that he
does not know about these documents which were kept with HR or
Plant head. He was an Operator here in the plant and did not have
knowledge about these documents. He was currently working in
another company. The undersigned spoke to Mr Ashok Mahindru
who told that he could not depute the person concerned as he was
travelling to Pune for some work.
4. Video-graphy of the plant:
-
On the next day, ie, 1st August 2019, the undersigned engaged an agency
for conducting videography of the plant. The videography of the plant area
was done in presence of Mr Dongre and Mr Chhavinath, covering the areas
which were accessible. There were intermittent rains. Some of the units
like Sulphonate/ LABSA Plant and R&D unit could not be video graphed,
as these could not be accessed due to water logging. While the Office
building could be covered but the Stores building/ shed could not accessed
as it was locked. (Soft copy of video/pen drive)
-P. K. Bajaj
-
Pithampur
The undersigned visited the Pithampur plant of Advance Surfactants India
Limited on 29th & 30th August 2019. Mr. Ashok Mahindru, CD had informed on
25th August evening that Mr. Ram Solanki shall be available at plant site to co-
ordinate the plant visit.
29th August 2019
At 8:30 AM, the undersigned reached the factory premises of M/s Advance
Surfactants India Limited located at Plot No.33, Sector-II, Pithampur Industrial
area, Pithampur, Dist. Dhar (M.P.). Alongwith me, the representative of one of
the valuers, M/s AVA Advisors & Trainers India private limited were also present
for valuation assignment viz, Mr. Sachin Goel for Land & Building and Mr.
Mahesh Singh Rana for Plant & Machinery.
At the plant premises, Mr. Dhan Singh as a caretaker cum guard was present. It
was informed that there is no power supply to the plant as the supply authorities
had disconnected the power supply due to nonpayment of outstanding dues. Mri
Dhan Singh mentioned that he was instructed by Mr. Ram Solanki on behalf of
Mr. Ashok Mahindru to stay at this place since last year and since then he was
guarding the premises along with another guard Mr. Jitender Kumar who comes
in the night. Mr. Dhan Singh mentioned that he did not get any wages. Based on
the assurance given to him in the past, he expects to get his backlog of salary from
company soon. The undersigned advised him to submit his claim for the
outstanding wages due from Advance Surfactants India Limited as per the IB
Code 2016 in the prescribed Form.
Mr. Ram Solanki arrived at about 11:00 AM. He mentioned that he was earlier
working as Commercial Assistant of M/s Advance Surfactants India Limited at
Pithampur plant. We took a round of the factory area along with Mr. Ram Solanki,
but factory shed was locked and shutter could not be opened as it was in a bad
condition.
A Public Notice showing RP’s name and contact details was displayed at the front
wall near the gate. Mr. Ram Solanki told that due to rain the displayed of notice
got destroyed and he had again put fresh sheet of Public Notice for display.
The main issues and observations were as follows:
1. Inspection / visit of the plant:
- First, a round was taken for inspection of the boundary of the plant. It
was observed that there were some cracks in the boundary wall made
of bricks at most of the places. Height of the wall was around 8-9 Ft on
three sides with broken glass pieces embedded on top. On the fourth
side i.e on left side of the main gate towards ML Agro Industries (Plot
No 34 & 39) was around 5 ft.
- There were total four gates in the boundary. At the front, there is main
vehicle gate with the small gate for pedestrian entry in the factory
premises. There are two similar gates in the rear side.
-
- It was told that the plant was stopped in 2009-10 and has not been
operated since then. The main raw materials for the plant were received
by road viz, LAB (Linear Alkyl Benzene) and Sulphuric acid. The plant
manufactured LABSA which is an input to the detergent industry. Some
stocks of LABSA (Linear Alkyl Benzene Sulphonic Acid) was lying in
the covered shed in drums. A by-product viz, Spent Acid in a small
plastic tank.
- The roofing of the factory shed was in dilapidated condition with most
of the asbestos sheets either missing or lying in damaged condition.
However, we could not enter as the shutter was jammed and doors were
locked from inside. First floor of the plant has Lab Room & Store areas
in the factory were not accessible.
- There were two empty small rooms within the boundary, DG room near
the second gate & time office room near weigh bridge. The weigh
bridge was sold as scrap at the time of selling nearest plot no 34,39 &
DG Set might be shifted to another plant at Silvassa or Roorkee.
- The Equipment consisted of mostly tanks, vessels and pipelines. The
condition of all the machine is scrap due to rust, dust and climatic effect.
- It was indicated that the plant can not be revived.
- Visit to Office Building: In Office building, there were four rooms.
One pantry room & two toilets.
- In 2 rooms were temporarily used by the guards for stay.
- In other room, there was an almirah in which old records dumped,
Chairs and Tables .
- Fourth room was having scrap/dumps/ leftover items etc.
- Land Area:
- As per Mr. Ram Solanki, Plot No 33, 34 & 39 was purchased by
Advance group in 1997. The adjoining property Plot No 34 & 39 was
in the name of the Advance Home & Personal Care Ltd (AHPCL). As
per land papers shown by Mr. Solanki, Plot No 33 on which factory of
ASIL is installed having 3060 Sq meters belongs to Aureola Chemicals
Limited (ACL). In the year 2016, AHPCL sold the adjoining property
to M.L. Agro Industries in which some portion of the land (1000 Sq
meters approx.) of plot no 33 mistakenly taken with the possession of
Plot No 34 & 39 due to improper boundary construction at the time of
purchase. Boundary line was drawn on random/ estimated basis when
the plant was constructed in 1997. As such the area within the boundary
walls of Plot No.33 is only 2060 Sq Meters Approx.
2. Details required for preparation of Information Memorandum:
-
The undersigned enquired about documents/information about the
Pithampur plant which may be required for the preparation of Information
Memorandum such as Unit Accounts, Fixed Assets register, List of
current assets, Power Supply disconnection notices, Registration
documents of land & buildings and Factory License for Consent to
operate.
Mr. Ram Solanki herewith provided the following documents from the old
records which are attached herewith.
Annexure -
1
Outstanding dues as visible from Electricity Bill for Rs
2,10,949/- for the month of Aug-2018 but the bill was
in the name of Arola Chemicals.
Annexure -
2
Outstanding dues of Lease & Maintenance Charges
from 01-04-2019 to 31-03-2020 for Rs 2,14,618/-.
Annexure -
3
Factory License dated 23.02.2013
Annexure -
4
List of Assets was prepared & signed by Mr. Ram
Solanki
He has shown the copy of Lease deed (Land Records) and could not
provide any detail like unit accounts as has was not having the same.
3. Photography of the plant:
The undersigned took some photographs of the plant in presence of Mr.
Ram Solanki, covering the areas which were accessible. Two short
duration videos of the plant area were also taken. Ground floor of the office
building could be covered, but the first floor, Stores/lab from shed could
not be accessed as the shutters were jammed & doors were locked from
inside.
4. Security Agency:
So far, Mr. Dhan Singh & Mr. Jitender Kumar have been engaged for
security guarding of the plant. For engaging a professional agency for
security guarding of the plant. various security agencies were contacted and
asked to visit the plant and give quotations for deployment of 2 Security
guards, one Security guard in day and one Security guard in night (on 12
hour duty basis) from 1st September 2019.
Six quotation were received from various security agencies. The agencies
came and visited the plant during the presence of undersigned. They were
asked to give their final quotation and profiles by the 30th August evening.*
*Note :- New security agency has since been engaged wef 1st September
2019.
-
Annexure -4 (Pithampur Report)
List of Assets as per Mr. Solanki, Contact Person
(Ex- employee of ASIL)
S.NO ITEM QUANTITY
List of Tanks in the Factory
1
Sulphric Acid Tank (Horizontal) 80 MT
Capacity 2
2
Spent Acid Tank (Horizontal) 80 MT
Capacity 1
3 LAB Tank (Vertical) 125 MT Capacity 1
4 LAB Tank (Vertical) 145 MT Capacity 1
Office Building
5 Table Big 2
6 Table Small 3
7 Almirah 1
8 Electricity Panal Box 1
9 Ladder (Small) 2
10 Bucket 2
11 Cooling Tower 1
12 Plastic Tank Scrap 1
13 Labsa Scrap Tank 1
Stock of Finished / By Product in Factory Shed
14
Finished Goods - Black LABSA (8 Big
Drums @ 200 Ltr each) & (3 Small
Drums @ 50 Ltr each)
1750 Ltr#
15
By Product - Spent Acid in Small Plastic
Tank 4 MT#
# Note :- These stocks are lying since 2009-10. As per
valuers, their shelf life might have been over. This needs to
be checked.
-Gaurav Bhatia