GRAM:COMPANYREGe-Mail:-roc.ahm(Q?sb.nic.in

TELE: 2743 853-1Fax NO.2 7438371

GOVERNMENT OF INDIA,MINISiRY Of CORPORATE AFFAIRS,

OFFICE OF THE REGISTRAR OF COMPANIES', GUJARAT.ROC BHAVAN, OPP: RUPAL PARK

NARANPURA, AHMEDABAD-380 013.

Jj£GNO.ROC/GujIVancos Citizen Yarns/2011 r~3rTo:Secretary to the Govt. of India,Ministry of Corporate Affairs,5th Floor "A" Wing Shastri Bhawan,New Delhi- 110 001 ~

BY SPEED POST

Date:

Through Regional Director (NWR), Ahmedabad.

Sub:- Company's request for deletion of name of the companyFrom the list of Vanishing Companies.

-MIs. Citizen Yarns Ltd.

Sir,Please find the letter dated 3005.2011 of the Company under

reference on the subject cited above In this connection, I am furnishingreport as under :-

1. The above named company Mis. Citizen Yarns Limited wasincorporated on 03-05-1990 in the State of. Gujarat under theprovisions of the Companies Act, 1956.

2. The company was formed as a private Ltd. under the .name and style ofCitizen Yarns Pvt. Ltd. and subsequently converted into a PublicLimited Company on 23.07.1992.

3. The Company was formed by the Following individuals who are thesubscribers to the Memorandum of Association:

a. Shri Anil M. Todi ,b. Shri Arvind M. Goenka

4. The main object as per the Memorandum 'of Association filed by the company at thetime of registration of the company are mainly "to carryon the business ofmanufacturing, trading, importing, exporting, spinning, doubling, twisting, processingand dealing in all kinds of yarn like natural/manmade yarn, synthetic yarn, cottonyarn, natural fiber yarn, viscose rayon yarn, other rayon blended yarn, viscose 'stapleyarn and all other kind of fibers, polyster filament yarn, nylon type yarn and cord.polypropylene staple fiber and to act as exporters, importers, retailers, merchants,buyers, sellers, brokers, selling agents; distributors, commission agents, stockists andsuppliers of all kinds of yarn, silk viscose, cellulose, artsilk, cotton, wool, hemp, linen,canvas and all other kinds of fibrous materials ors ubstance.

5. The following were the first directors of the company as per the Articlesof Association filed by the company with this office at the time ofincorporation of the company:

a. Shri Vijay M. Todi ,b. Shri Hariprasad G. Khetan

6. The company came out with a public issue of 19,90,000 equity. shares of Rs.10/- each for cash at par aggregating to Rs.199.00lakhs. The directors of the company as per Special Resolutionpassed at E.G.M held i on 03.11.1992 U/s. 81 1-A of theCompanies Act" 1956. were as under.

a. Mr. Vijaykumar Todib. Mr. Hariprasad Khetanc. Mr. Govindram Khetand. Mr. Saurabh Soparkar

. e. Mr. Prakash Shah

The present directors of the company as per the detailsavailable in the annual return of the company for the periodended on so" September, 2010 and also as per the web siteof MCA are as follows :-

a. Mr. Hariprasad Khetanb. Mr. Ankur H. Khetanc. Mrs. Usha H. Khetand. Mr. Hitesh H. Parekhe. Mr. Rajubhai B. Desai

At present the Board of Directors is as under:

a. Mr. Hariprasad Khetanb. Mr. Ankur Khetanc. Mr. Hitesh H. Parekhd. Mr. Rajubhai B. Desai

Mrs. Usha H. Khetan has resigned w.e.f. 14.05.2011.

7. Prior to year 1999, SEBI had identified 229 companies in Indiawhich were not available at their respective registered offices asper their respective Stock Exchanges while taking physicalinspection. Such companies were termed as VanishingCompanies.

8. The aforesaid list of such 229 companies was forwarded by SEBIto this Ministry for taking necessary action against those

companies. The Ministry forwarded the said list to the ROGs videletter No. 117199-Sp1.Cell dated 9-1-2001' for taking necessaryaction as may be required. A copy of the said letter alongwith listof such 229 companies and 65 companies situated in the State ofGujarat, is enclosed herewith marked as Annexure A to thisreport.

It is pertinent to mention here that an highest forum known asCoordinating & Monitoring Committee (CMC) has been formed byMinistry consisting representatives of SEBI, Stock Exchanges,and others as members of the said forum in addition to formingRegional Task Forces on Vanishing Companies. It' has beenclarified in the meetings of CMC/Regional Task Forces held on23.09.2002 that Vanishing Companies are identified on the basisof the following criteria-

A company that :-

(i) does not comply with the listing requirement for twoyears (listing requirements include filing of AnnualReturns, and Balance sheets) with StockExchange/ROCs.

(ii) does not submit the required reports to RegionalStock Exchange,

(iii) \does not correspond with Regional Stock Exchangefor two years.

- (iv) is not available at its registered office at the-time ofStock Exchange inspection.

The said definition of vanishing company has been re-definedin the meeting of Task Force meeting ( Western Region) held

,on 11-7-2008 which is reproduced hereunder:-

A company would be deemed to be a vanishing company, if itis found to have:

a) failed to file returns with Registrarof Companies ( ROC) fora period of two years.

b) Failed to file returns with Stock Exchange (SE) for a periodof two years (if it continues to be a listed company)

14.

c) If it is not maintaining its registered office of the company atthe address notified with the Registrar of Companies/StockExchange; and

d) None of the Directors are traceable.

It has been' further clarified that (i) All the conditions mentionedabove would have to be satisfied before a listed company isdeclared as a vanishing company. And (ii) The conditionmentioned at (a), (c) & (d) would suffice to declare a company asvanishing if such company has been de-listed from the StockExchange.

9. Out of the said list of 229 companies, 65 companies pertain to theState of Gujarat, out of which 30 companies including 4companies under liquidation are still' Vanishing Companies,whereas remaining companies have been deleted from the list ofVanishing Companies.

10. The aforesaid company is presently under the list of VanishingCompanies.

11. As regards the filing status of this company with MCA, it is tostate that the company has filed all the statutory returns viz.,Annual Accounts, Annual Returns, etc., for and up to the financialyear ended on 31-3-2010. A snap-shot of filing status of thecompany since the year 1995 till date as perNIC/MCA is annexedto this report marked as Annexure 8.

12. As regards the compliances of, the company with AhmedabadStock Exchange (ASE) and Bombay Stock Exchange in regard tolisting agreement is concerned, the Company enclosed the copiesof the letters submitted to the BSE as per the requirements ofListing Agreement. Copy for the quarter ended 31.03.2011. as atAnnexure -C).·'

13. It is further to state that as per the records available or ~/1,-. -there are no complaints pending against the compel! '}affairs. The company has also submitted a cettiiice; __Khushbu Thakkar, Practicing Company Secretary, Ahmedabad tothis effect that there is no complaint of Investors in MeA pendingas on date.

15. As per the records available with this office, at present the Regd.office of the Company situated at 2 Corner, Nr. Tirupati Complex,Under Jlvraj Bridge, Satellite, Ahmedabad - 380051

16. As per 8/S. 2009-10 it has been observed that the co. hasincreased the business activities and earned the net profit of Rs.2,28,680/-.

17. it is further to state that this office had filed FIR against theDirectors of the Company as per instruction of thedirectorate/ministry which is pending with the Court.

From the above facts it is observed that the name of the companyis appearing in the list of Vanishing Companies though it did notcome in the conditions/parameter of a Vanishing Company at thistime.

Under the circumstances and facts submitted by the company, and inview of the revised definition of Vanishing Company, this office has noobjection if the name of the company is removed from the list ofVanishing Company, in view of updated filing status of the Companywith ROC.

However the Ministry may kindly consider the request of thecompany on merits and may issue such instructions as may be deemedfir and proper on merit of the case.

Yours faithfully

~A)DY. REGISTRAR OF COMPANIES,

GUJARAT.

Encl: as above Annexure A, B, ~, D

Lkjder Jiv\-sj t3rlclgs, Sa1:slBteiD..hrfled,:xbcK\-3800S'1 \\11.: 99988483.41

::;

E..mei! : cjtizenyarns1990@s;mai!.com

Date: 30th May, 2011

To,The Registrar of Companies,ROC Bhawan, CGO Complex,Nr. Ankur Bus Stand, Naranpura,

\ Ahmedabad - 380013

Sub: Request to revoke the name of the company from the Vanishing Companies.

With reference to the caption subject we hereby inform you that we had started the businessactivities for last three years and also filed the Annual Report and Annual Return of the companywith the Registrar of Companies upto the financial year 2010. We had also complied with all theprovision of the Listing Agreement with the Bombay Stock Exchange.

Please find the copies of the Annual Report, Annual Return for last three years and stockexchange compliances for your needful action.

In view of the above, we hereby request you to revoke the name of the company from theVanishing Companies.

Thanking You,

Yours Truly,

For Citizen Yarns Ltd.

DIRECTOR

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