POLARIND

Polar Industries Ltd has informed the Exchange that the Company has by way of resolution passed by circulation, the approval of which was received from majority of the Directors of the Company, resolved to appoint M/s. Polaron Marketing Limited(PML) as non-exclusive distributor of Company's products with immediate effect for territories in the Republic of India and Overseas.

Polar Industries Ltd has informed the Exchange that the Board of Directors of the Company at its meeting held on October 27, 2008 have inter-alia considered the following: (1) Engaging Ernst & Young Pvt. Ltd. for mobilizing funds through strategic investments.

Polar Industries Ltd has informed the Exchange that "There has been a major fire on 09.10.2008 in the Custom Bonded Warehouse at Chennai where the imported goods of the Company were stored before payment of duty. Approximately one lakh fans have been destroyed by the fire. The estimated loss to the Company is in the magnitude of Rs.11 Crores, including profit margin. We have been informed by our CHA that the Insurance cover was taken by the Logistic Company (License holder of Custom Bonded Warehouse), from Cholamandalam MS General Isurance Company Limited, Chennai. The company has already subm

Polar Industries Ltd had informed the Exchange that the Company had appointed M/s Asia Pacific Brands India Limited, Mumbai (APBIL) as Distributor of POLAR Products on non-exclusive basis. The Company has now informed the Exchange that "The Company has terminated the said distributionship agreement related to sale of POLAR products with APBIL w.e.f. 21.07.08".

Polar Industries Ltd has informed the Exchange that: "Asset Reconstruction Company of India Limited (ARCIL) vide its letter dt.31.03.2008 has informed to the Company that they have purchased debts of the Company from some of the existing lenders namely IFCI Ltd., Punjab National Bank, Allahabad Bank, Bank of Maharashtra and Union Bank of India. ARCIL have also restructured the debt to be repaid over a period of 5 years. The acquisition of the debt by ARCIL and restructuring thereafter has been post One Time Sanction (OTS) by the FIs/Banks under CDR Mechanism".