CORRIGENDUM TO PUBLIC ANNOUNCEMENT
For the attention of the Shareholders of of M/s. Maximus Steel Manufacturing Limited (MSML)
(Registered Office : 205, Arihant, Ahmedabad Street, Carnac Bunder, Mumbai – 400 009)
In continuation to the Public announcement issued by Aryaman Financial Services Limited, on September 06, 2003, on behalf of Mr. Jayantilal H. Shah, Mrs. Nina Shah and Ms. Kinjal Shah, (Acquirers) pursuant to Regulation 10 and 12 and other provisions of Chapter III of and in compliance with the Securities & Exchange Board of India Substantial Acquisition of Shares and Takeovers (SAST) Regulations 1997 and subsequent amendments thereto (the "Regulations"), the following revisions /additions as given hereinunder have been made :
1. Under the Schedule of Activities pertaining to the Offer in point 7.n of the original Public Announcement (PA), the following change has been made.
ACTIVITY
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DAY & DATE
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Date by which Letter of Offer to be posted to the shareholders.
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Thursday, 30.10.2003
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2. Background of the Target Company
(i) Para 3.c of original PA may be read as :
The Authorised Share Capital of the company as on 31.03.2003 was Rs. 400.00 lacs, divided into 40 lacs equity shares of Rs. 10/- each. The Issued, subscribed and paid-up capital of the company comprises of 35,00,000 equity shares of Rs. 10/- each. There are calls in arrears amounting to Rs. 4,55,250. This comprised of 60,700 equity shares on which only Rs.2.50/- per share has been paid up. Subsequently during the period from April 2003 to July 2003, all the shares were made fully paid up as per auditors certificate dated July 23, 2003 and as on date there are no partly paid up shares in the company. The equity shares of MSML are listed on The Pune Stock Exchange. First and only Public Issue of the Company has come on March, 1995 and since then the Share Capital of the Company has not increased, however the Company has received the Allotment Money Rs. 182,74,000/- in the Financial Year 2001-2002, Rs. 4,76,000/- in the Financial Year 2002-2003.
(ii) Para 3.d of original PA may be read as :
MSML was incorporated with the main objects of manufacturing mild steel sections. Currently the company does not pursue any major business and derives its income mainly from investments in shares and securities and loan advancement. The Core business of the Company was stopped because of the adverse business conditions, particularly in Steel Sector, and overall slump in the economy of the Country. Present changed activities has been carried out since Financial Year 2002-2003. The Company has complied with all the applicable Rules/Regulations as existed.
Further the following information shall also be included in the Information regarding Background of the Target Company :
With respect to the Target Company, compliance of Chapter II of SEBI SAST Regulation has been made vide SEBI Regularisation scheme on 27/03/03 and as regards the sellers, they have complied with the compliance of the Regulations in the normal course of time. Since each of the non promoter sellers do not hold more than 5% of the total voting capital of the Target Company, compliance with Provisions of chapter II of SEBI (SAST) regulation are not applicable.
No action has been taken against the Company under any of the Regulations made under the SEBI Act, 1992.
The Promoters and persons acting in control of the company have complied with the provisions of Chapter II of the captioned regulations.
3. Point 7.a in Other Terms of the Offer may be read as under :
The Letter of Offer together with the Form of Acceptance cum Acknowledgement will be mailed to the shareholders of MSML (except the Acquirers and parties to the Agreement) whose names appear on the Register of Members of MSML and to the beneficial owners of the shares of MSML whose names appear on the beneficial records of the respective depositories at the close of the business on 30/09/03 (the Specified Date). The Promoters (who are holding 2.85% in the target company) other than the parties to the agreement dated 03.09.2003 are eligible to participate in the offer.
This Corrigendum Public Announcement would be available on SEBI's website at www.sebi.gov.in.
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Issued by: Manager To The Offer
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Registrar to the Offer
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Aryaman Financial Services Limited,
106, Atlanta,
Nariman Point,
Mumbai – 400 021.
Tel.: (022) 22826466,22883134
Fax: (022) 22826467
Email: afsl@vsnl.com
Contact Person: Mr. Alpesh B. Parmar
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Adroit Corporate Services Pvt. Ltd.
19, Jaferbhoy Indl. Estate, Makwana Road, Marol Naka,
Mumbai – 400 059.
Tel : (022) 2859 0942/2850 3748
Fax: (022) 5692 4438.
Email: adroits@vsnl.net
Contact Person: Mr. Deepak Phanse
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On Behalf of:
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Mr. Jayantilal H. Shah, Ms. Nina Shah and Ms. Kinjal Shah
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D-2, Tulsivihar Building, Dr. A. B. Road,
Mumbai- 400 018
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Place: Mumbai Date: 02.11.2003