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A draft scheme of arrangement for re-organization of share capital of the company was charted out at the board meeting held on Jul. 31, 2007. Due to substantial losses incurred from June 2004 onwards and due to unavailability of required cash flow, the company had difficulty in complying with the schedule of payment to the deposit holders. In fact, the company had not made any payment to the deposit holders from April 2007 onwards.... More..