SVENDGAARD CE PEATOR! ES

CIN: L74110HP2004PLC027558

June 24, 2021

BSE Limited National Stock Exchange of India Limited

Department of Corporate Services Exchange Plaza,

Phiroze Jeejeebhoy Towers, Dalal Street Plot no. C/1, G Block

Mumbai — 400 001 Bandra Kurla Complex Mumbai — 400 051

Scrip Code: 532771 Trading Symbol: JHS

Sub: Submission of Copies of Published Newspaper Advertisements of Audited Standalone and

Consolidated Financial Results for the Quarter ended and Year ended on 31“ March, 2021

Dear Sir/Madam,

Pursuant to provisions of Regulation 33 and 47(3) read with schedule [I of SEBI (Listing obligations and Disclosure Requirements) Regulations 2015. (“Listing regulations”) the Board of Directors in its meeting

held on 22™ June,2021 considered and approved the (Standalone and Consolidated) financial results for the

quarter and year ended on March 31, 2021.

Further the extract of the Financial Results, according to Regulation 47 of listing regulations, were published on June 24, 2021 in Mint (English) and Business Standard (Hindi). Copies of the same are hereby

attached for your records.

y.svendgaard.com

Furthermore the results are also uploaded on the website of the company viz. v

This is for your kind information and record. Kindly acknowledge the receipt.

Thanking ou Fox JHS Svendgaard Laboratories Limited

Chief Financial Offi

Encl: A/a

Ali

S$ 7 A ivi T| Registered Office : Trilokpur Road, Kheri (Kala-Amb), Tehsil-Nahan, Distt. Sirmour, Himachal Pradesh - 173030, INDIA Tb Tel. : +91-1702-302119/121/102 - Fax : +91-1702-302125

LABORATORIES LIMITED Corporate Office : B-1/E-23, Mohan Co-operative Industrial Area, Mathura Road, New Delhi - 110044, INDIA

4 Government of India recognized Star Export House Tel.» +91-14-26900411/412, Fax : +91-11-26900434, Email : enquiry @svendgaard.com

mint LIVEMINT.COM

‘Customers

willing to pay

deliveries’ Tarush Bhalla — tarush.b@livemint.com

BENGALURU

C ustomers are warming up to paying extra for

express or same day e-commerce deliveries, with

the pandemic shifting con-

sumption behaviour to online platforms, according to find-

ings by management consult-

ancy RedSeer and logistics player Shadowfax.

Customersare willing to pay an average fee of %44 for

express deliveries for catego-

ries including e-pharmacy and e-grocery, considering the

urgent need for these essen- tials, RedSeer and Shadowfax

saidas part of the latest edition of the ‘Delivery Delight Index’.

“There is an opportunity for

e-pharma platforms to monetize by offering express deliveries to

customers, which in turn will

further lead to higher customer

satisfaction,” said the report.

Further, demand for express

deliveries forcategories includ-

ing e-grocery are higher in non-metros.

The index also showed that

digitally native brandsincluding Mi, Mamaearth, Bewakoof, and

boAt, which have largely soldon e-commerce alsoimproved their

direct delivery experience to

customers from January to

March this year. The improve-

ment in delivery speed for these digitally native brands isa result

of them partnering with third-

party warehousing aggregators.

The index has been devel-

oped following 10,000 con-

sumersurveys covering 38 play-

ers across categories ofe-tailing marketplaces, hyperlocal mar-

ketplaces, digitally native

brands, and traditional brands

that have started online deliver-

ies, according to RedSeer.

CORPORATE THURSDAY, 24 JUNE 2021 NEW DELHI 07

WY

Butschek steps down as forexpress “Tata Motors chief & MD

The automaker has promoted CV biz prez Girish Wagh as exec director

Malyaban Ghosh a

malyaban.g@livemint.com

NEW DELHI

ata Motors Ltd said on Wednes- day that Guenter Butschek will

step down as the chief executive

officer (CEO) and managing director of the car and truck

maker from 30 June. However, Butschek,

who took charge in 2016, will continue to

beassociated with the Mumbai-based auto-

maker as a consultant till the end of this financial year, according to a company

statement.

Meanwhile, Tata Motors has promoted

Girish Wagh, president of the commercial

vehicle business, as an executive director to

its board effective] July.

The management changes follow Tata Motors announcing earlier this year that

former Daimler executive Marc Llistosella willbecome the new CEO as Butschek had

expressed his desire to relocate to his native

country, Germany, for personal reasons. Tata Motors, however, later reversed the

decision to appoint Llistosella forreasons that were not disclosed.

“T would like to thank Guenter for lead-

ing Tata Motors successfully over the last fiveyears and creating astrong foundation

forthe future. [look forward to hiscontin- ued inputs as a consultant to

the company,” said N. Chan-

drasekaran, chairman, Tata

Sons Ltd.

“Leading Tata Motors over the last five years was an excit-

ing experience. We are well

Guenter Butschek will be associated with Tata Motors as a consultant till the end of

FY22. The automaker had announced earlier this year that Butschek wishes to relocate

to his native country, Germany, for personal reasons.

id-19 pandemic. This was largely drivenby

stringent cost-cutting measures to boost profitability and cash flows, as wellasintro-

duction of products. The company has also

separated its passenger vehicle business as astandalone subsidiary to attract potential

investments.

MANAGEMENT CHANGES

TATA Motors had said earlier this year that former Daimler exec Marc Llistosella will become the CEO

IT, however, later reversed the decision to appoint Llistosella for reasons that were not disclosed

THE automaker has been making a strong pivot towards electric mobility under the current management

MINT

aroundof the company and will continue to

drive the business,” the automaker said.

Itsaid also that Wagh, Chandra, and Jag-

uar Land Rover LR) chief executive Thi-

erry Bollore will work closely with Chan- drasekaran. Tata Motors has been pivoting

strongly towards electric mobility and the company will continue to col-

laborate with other Tata

Group firms to introduce new electric offerings in the pas-

senger vehicle, small commer-

cial vehicle, and bussegments.

In JLR as well, the British

carmaker has announced the positioned to leverage oppor- tunities in both commercial

and passenger vehicles. I look forward to my continued association with the com-

pany as a consultant in the coming months,” said Butschek.

Tata Motors has been witnessing robust

recovery in the passenger and commercial vehicle businesses since the second halfof

FY21, despite the adverse impact of the cov-

“Tata Motors’ domestic business has successfully transitioned toa business unit

structure with the commercial vehicles division headed by Girish Wagh and the

passenger vehicle division headed by

Shailesh Chandra. The executive commit- tee is an experienced leadership team that

has been successfully scripting the turn-

‘Reimage’ strategy wherein it

will reposition and redesign Jaguar as an all-electric hixury car brand by 2025 while

Land Rover will evolve asa maker ofluxury electric sport-utility vehicles.

Electric vehicles will form 60% of Land

Rover’sannual sales by 2030 and the com- pany expects to stop sales of combustion

engine vehicles by 2036.

BRANDS LEARN “TIME VALUE’ LESSONS DURING PANDEMIC

2 ORDINARY 1g POST

SHUCHI BANSAL

Respond to this column at

shuchi.b@livemint.com

chat with Shiv Shivakumar, currently

A group executive president, corporate

strategy, at Aditya Birla Group, is always enlightening. The former chief executive officer

at PepsiCo India spoke all things management

and marketing, connecting the dots to unveil the big picture. With the covid pandemic not

going away any time soon and altering con- sumer behaviour for good, he reflected on the

mounting challenges for marketers.

Top of mind is the greater significance the value of time is acquiring in a marketer's rule-

book. Time was getting to be of essence for online shoppers and covid has accelerated that.

Marketers never appreciated the value of time earlier, Shivakumar said, adding that itisa

marketing paradigm that brands across prod-

ucts and services need to focus on, anew con-

sumer dimension they need to be mindful of.

“For aconsumer, once the decision is made,

he wants satisfaction immediately. He requires

instant deliveries of his wants and desires,” Shi-

vakumar said. Even a physical, large-format store suchas Big Bazaar saw merit in rolling out

atwo-hour home delivery service in Aprilina few metros and later extending this to tier-2 cit-

ies. Consumers expect a quick turnaround time

in offline stores. No one wants to stand in queues to pay bills. Airlines, too, eschew passen-

ger queues and ask customers to print their own boarding passes for the sake of speed.

Even the National Highways Authority of

India said toll plazas should not take more than 10 seconds of service time per vehicle even dur-

ing peak hours to ensure minimum waiting time. “This too reflects the ‘time value’ we are

speaking about,” said Shivakumar.

Anew ad campaign, #JustCantWait, by fin-

tech firm Niyo, the digital banking app that’s

targeting the millennialsandGenZ with asuite of products, also reflects the target consumer's

need for instant gratification. “Time is crucial because in terms of technol-

ogy or emotional equity, most brands are simi-

lar. So, what remains is speed of delivery or ful- filment of desire,” said Shivakumar.

In his May interview to Mint, Deepak Chha-

bra, managing director of kitchen and home-

ware firm Tupperware, also underlined the requirement ofspeed, which has disrupted the

traditional direct selling business model. Direct selling brands have all gone online.

Amit Adarkar, CEO at research firm Ipsos

India, attributes the overwhelming accent on

“time value” to covid, where consumers prefer

products and services that are delivered instantly. The trend is riding on both demand

and supply considerations, he said.

On the demand side, because of lockdowns

and restricted mobility, home has become the

“command centre” for people with all troops (the family) present there at all times. This cre-

ates intense pressure ona variety of products/

services to be delivered in the shortest possible time to please everyone, he said. Pre-pandemic,

people worked the full day in offices, children attended schools, everyone ate out and watched

movies. So, delayed and scheduled delivery was

perfectly acceptable then. Not now. “When you are cooped up at home fixated on receiving a

two-hour delivery, three hours isn’t good

enough,” he said.

Time was Onthe supplyside, : the pandemic has

getting to be fuelled the growth of

° adirect-to-consumer online shoppers (p2c) _ business and covid has model. This has accelerated that raised the bar on the

— ‘instant-ness’ of

delivery, Adarkar

said. Clearly, both demand and supply factors

have led toa glut ofinstant choices for the cus- tomer.

So, consumers’ time-sensitivity isan outcome

of the pandemic where people are trading off ‘experience’ against efficiency and the trend

may continue in the immediate future. How- ever, once the pandemic is behind us, there may

be some reversal as people may get enthralled

by more ‘experiential’ activities and may not be as demanding on ‘instant-ness’, Adarkar said.

Will this trend impact what brands have to offer? A confluence of booming D2C startup

activity, small entrepreneurs opening up last-

mile micro-distribution channels and many fast-moving consumer goods majors getting

into D2C will fuel the next growth across prod- ucts. “An area to watch would be instant-yet-be-

spoke offers leading to product innovation,” he said. Distribution will need to be less wasteful

and in tune with overall brand promise, he said.

Shuchi Bansalis Mint’s media, marketing and

advertising editor. Ordinary Post will look at pre-

ssing issues related to all three. Or just fun stuff.

Se (ISO 9001:2015 Wa ISO 14001:2015 Warferd <en) Lor DELHI TRANSCO LIMITED

RR Wael FRA NOTICE INVITING e-TENDERS

i wet Prather 3 Delhi Transco Ltd, a Government of NCT of Delhi Undertaking, invites online

“See a » COLORCHIPS NEW MEDIA LIMITED mere: Petre: 10 oF, 2021 1. Tender No. T20P122355: Requirement for Carryout Cold Galvanizing aa Zinc Coating of 220 kV Towers (Broad Base) in DGM North Division. Regd Office: H.No. 8-3-833/85 & 85A, Kamalapuri Colony, Hyderabad- 500073, Telangana, India. Ph.: 040-65359666;

of miter free da 4 Rem word ORS ger TER wer S Peaq Ter A etal years, meer a 2. Relahat PowerHouse Supply and filling of earth at 220 kV GIS sub station Email : info@colorchipsindia.com; Website:www.colorchipsindia.com ; CIN :L74110TG1985PLC 051404

— 7 Lae ae “pitoveoargodiovto at stat f ku afar 87 ® gra rier set & or Renae ats Ws yi vt Last date for bid submission: (21.07.2021 for SI.No.1) & (06.07.2021 for Extract of Audited Financial Results

Fe ee Ee Se a Ee ee ree SI.No.2)at 1.00 p.m. . st , for the Quarter & Year ended March 31, 2021 3 # 3 3 + For downloading of tender documents and further details please visit website

aerarert, 2021 & GPT eared 4 sieeftaa yaaa Ht APH + ages waar AeeterT, 2021 F Ta RTS VTE Delhi Govt website https://govtprocurement.delhi.gov.in Tender ID No. QUARTER ENDED YEAR ENDED

arent are 2021_DTL_204720_1 & 2021 DTl_204774_1 and DTL website i. Particulars 31.03.2021 | 31.12.2020] 31.03.2020] 31.03.2021 | 31.03.2020 et eT aA GRIN GEM ga sabe] ada y_orate [renfia y—srarT www.dtl.gov.in Unique No. DTL-8281-220621 & DTL-8288-230621. No. Audited | Unaudited | Audited Audited Audited a. @aeay) PR/21-22/04

; PU Rerum eC ellie t ttm 1. | Total Income from Operations 7,685,830] 5,001,793] 7,532,394] 23,640,668] 32,910,375 1] Fete 331 1 Yat TT oases |stetfite ere da) wed vd ag SET Tra) piled Ce aE Un Rahn he coe 2, | Net Profit(Loss) for he period (before tax, exceptional andor

233 GT 45.00 Gts WRT ABTA SET 0.1500 |sitetftte ftere ata] ced ve oy cert "| Extraordinary items#) ‘ -21,231,575] -2,889,596] -3,223,774]-29,696,156| -3,114,559 ATTROR BIST SAAT VT ART 3. | Net Profit/(Loss) for the period before tax (after Exceptional

aiftre erardta ar1 Bisex state Bera ; om weit and/or Extraordinary items#) -21,231,575] -2,889,596] -3,223,774|-29,696,156| -3,114,559 334 1 TT BIST Te 9.2000 Sal eed we ay 4. | Net Profit/(Loss) for the period after tax (after Exceptional

335 ST SET AMT STATA Brsare Vg BT APT 0.3400 |stelfirs fiers dal seb ud org veer and/or Extraordinary items) -21,231,575| -2,889,596) -3,223,774|-37,651,590| -3,801,727 : ; Inaccordance with the Section 48 ofthe Customs Act 1962, E-Auction will be held for disposal of 5. | Total Comprehensive Income for the period [Comprising Profit/

sor 1/sum arate Siger en 2/3 ater RerearT] 02106 _|sheifre Rera ta] eet ee ay ett Unclaimed / Un-cleared courier consignment imported and landed upto 31/12/2019 at DHL (Loss) for the period (after tax) and cther Comprehensive 440 @ oe fear or aiftres ArT sara Bisex se TT] 0.2000 |stelfte flora dal sed ud og vert Express India Pvt. Ltd. , IGLAirport, New Delhi-110037. Income (after tax)] -21,231,575| -2,889,596] -3,223,774|-37,651,590| -3,801,727

: ; i f i 6. | Equity Share Capital 17,00,99,000 | 17 ,00,99,000|17,00,99,000 | 17,00,99,000 | 17,00 99,000 341 1 BRP APT 0.170 _|shehftre fore da) wee a erg sel {The items for Disposal consists of Mobile Phone, Laptops, Routers, Readymade Garment, 7. | Reserves (excluding Revaluation Reserve) as shown in the - Electronics. spare parts, Computer Parts, Networking equipment, Machineries and various € x 342 ar ae AT oszes |stehfte ftere da] eed vd og vert Triscellaneous items . The E-Auction will be held as per below E-Auction & Display Schedule: Audited Balance Sheet of the previous year 6,234,951] 6,234,951) 6,234,951] 6,234,951) 6,234,951

wt aitenftres fart —— S.No. | Custodian N: Display Date & Ti 8. | Eamings Per Share (of €10/- each) “ae a omit fa] Eee wd a) DAL Express india —| Soress nd ine 20 TH08 HTT OO aT Express (for continuing and discontnued operations)

344 oo PED ATT o6s10 | stetftre feared ea) een Vd og SET Pvt Lid. Terminal Cargo Complex, IGI Airport, New Delhi 1.Basic 0.2514] 0.1699 0.0382] -2.2135] —-0.0224 345 & oat fen aor sriferer ar 0.3370 |stenfirs ftera dal gob va org eelrT ‘Auction Date & Time( no. 8)| Auction Date & Time(no.9) | Auction Date & Tima( no. 10) 2.Diluted 0.2514] 0.1699] 0.0382) 2.2135] 0.0224 346 & Ut feen ar stir APT 0.3000 |attenfire faara aa Bed Va oy ET 30 June &1 July 2021 7 July & 8 July 2021 15 July & 16 July 2021 Notes:

a - From 10:30 A.M From 10:30 A.M From 10:30 A.M 1. The above audited results, as reviewed by the Audit Committee, were considered, approved and taken on records by the Board of

ae 5000 Seo Wa a E-Auction (as per above schedule) will be held at Auctioneers’ portal www.accurateauctioneers.in. Directors at their meeting held on June 22, 2021. 348 aT PAE APT 0.1520 |ahelfire ffere aa seb ud og vert This published notice about the auction sale may also be deemed as afinal notice under section 48 of 2. (Using Obl an oxtract of ine detaned format oy Pencil Resulls fled wah the Stock Exchanges under Regulation 830! ihe See!

7 tale fe zi i Customs Act 1962. Custodian/Assistant Commissi f Custor ‘withdl i t isting Obligations and Disclosure Requirements) Regulations, . The full format of the Financial Results is available on the stoc! 49 aT ST 9.4000 aay Fee Ud og fom he auction. Toms Far Inspection, Entry. Ganaral & Special contiiion af’ealo eed em exchange website, www.bseindia.com and on the Company’s website, www.colorchipsindia.com. : action, Entry, pac y 350 eT TA ATT 0.2410 |atetftre feera da] eed Ve oy SenT correction/Corrigendum of auction, Sale List containing goods of auction would be available at By Order of the Board

atenftres feprer i aq Sent auctioneer’s website. Entry Rs. 150/-+, GST per person. The successful bidder should take his . eb tea see ose 3 Ser delivery ofthe shipmentwitnin21 days elseno ciaimwilnotbe entertained For Colorchips New Media Limited ere 0.5040 _|steire Fears wee GOVT. AUCTIONEERS & VALUERS : ACCURATE AUCTIONEERS Date : 22.06.2021 (Managing Director) 393 1 HRC APT 0.4750 [attetftre tere aa) eed yo oy SEIT GA ey EE CSE Ce eee eer el eee) Place : Hyderabad DIN: 00027816 354 HT PAE AT 0.5300 |atenfira fare dal seb ye og TerT

356 wT Wap APT 04990 |sitetftte ffepre dal eed ve ay cert

356 aT PAE AT 0.3605 |atenfira ftore dal seb ye og SerT

397 wr wget APT 01130 [stents fiere da] ced ve ay cert ra seta reek JHS SVENDGAARD LABORATORIES LIMITED 3 SRST — Da708 tl wae Redg Office: Trilokpur Road,Kheri (Kala-amb), Tehsil-Nahan,Distt. Sirmour,Himachal Pradesh-173030,INDIA

— — — = — a a — = CIN-L74110HP2004PLC027558 360 0.3790

3ea TSR RT STAT STAN BIST TT AAT | oeso |atelten Rana oa a 7 EXTRACT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED & YEAR ENDED 31st MARCH, 2021

364 oT Gare RR aT GT aH i carro [stele Bara eal eed va ag vel Particulars Quarter Ended | Quarter Ended} Quarter Ended Year Ended Year Ended

= a fal eae 31st March 2021| 31st Dec 2020 | 31st March 2020 | 31st March 2021| 31st March 2020

365 © Herr FT tH ATT o.4et0 [after fewre Xe org eer Audited Unaudited Audited Audited Auditad 406 3 ERT AT 0.2300 |stettta fore aa] wes Ue og SENT Total income from operations 2976.88 2,769.79 4,907.49 10,830.92 15,294.92 ga dared 11.643 0 Net Profit / (Loss) for the period (before tax, exceptional item and/or extraordinary items) 251.73 44.41 682.50 96.78 479.39

2 | areqe seer 135 BT 45.00 HER AMTIBIGR Bene VT ALT 0.0110 |attenfira frare dal seb Ud oy SerT Net Profit / (Loss) for the period (before tax after exceptional and/or extraordinary items) 251.73 44.41 (381.19) 96.78 (584.30)

136 @T 45.00 Mex APT BSH VT APT 0.1520 |atenfire fare dal seb od oy SerT Net Profit / (Loss) for the period (after tax exceptional and/or extraordinary items) 285.25 10.64 (252.96) 134.24 (485.50)

437 Tr sifkres ANT Ws TET 0.05153 Hho Bisa 0.1030 [steht are aa] ged vd wy SEPT Total comprehensive income for the period 292.75 10.26 (254.85) 143.04 (482.13)

@ rani F oRatkier ey ger 8) sts aT Equity Share Capital (Face value of Rs 10 each) 6440.05 6,090.05 6,090.05 6,440.05 6,090.05

138 @T GAPE APT 0.7800 |stetfte fore dal seb ve org vert Reserves (Excluding Revaluation Reserves) - 12,429.50 11,709.80

139 RET aT oai20 aeltie Reni aal eed ua ag Ser Earnings per equity share(of Rs 10 each)

ae a canoe Tateiinve Rae Sal ged ; (a) Basic (Rs) 0.44 0.02 (0.30) 0.20 (0.32) ax wre x - meow “3 (b) Diluted (Rs) 0.44 0.02 (0.30) 0.20 (0.32)

141 7145.00 = a 0.2500 wie Key numbers of Standalone Financial Results

142 3 45.00 HIER AIT BISA GENT Ve ANT 0.0130 |shehfite frore da] web a arg vel Particul Quarter Ended |Quarter Ended | Quarter Ended Year Ended Year Ended 149 oor eget aT 00730 |stetfite fare da] sed ya oy Set arneniers 31st March 2021] 31st Dec 2020 |31st March 2020| 31st March 2021| 31st March 2020

144 THT 45.00 AER ATTIRE BISA STAT VF ATT 0.3030 |stetfte fiare dal ced we og vert Audited Unaudited Audited Audited Audited ga aaea 2.4878 @o |siehftte faera aa] god Vd oy vErT Total income from operations 2820.36 2,591.00 4,752.59 10,250.93 14,470.93

qe abt — 14.1308 fo Profit / (Loss) for the period (after extraordinary activities but before tax) 235.87 99.75 (195.33) 319.71 179.09

SAG SG, GER HART UU SAT GRP Sea Gr SR aG) 1974 Gre GRA Sie Aer Ger aa Gere weer Te Profit / (Loss) for the period (after extraordinary activities and tax) 274.85 50.73 (110.71) 276.61 176.99

aismr wd Rare ai@rre, 1973 (ersgate afr eer—11 er 1973) FH eta SA SoM (a) B saaalt angerey F YRAT TE Total comprehensive income for the period 280.72 50.35 (116.31) 281.32 175.46 er aifsrarere fore aa A feed wea afer A eieerfead care Torres ob ores TER Te MER TET S TT Notes: The above is an extract of the detailed format of Financial Results for the quarter ended filed with the Stock Exchange under Regulation 33 of the SEBI (Listing Obligations and

aa e 14.1308 80 @r F-waaNT wera TnfSrarare Heraror, 2021 H sttefire facore aa} ws We Sod Hea Veit Prue fart Disclosure Requirements) Regulations,2015. The full format of the Financial Results for the Year ended & quarter ended 31st March 2021 are available at the website of the BSE

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Ce aa 9-A, Rana Pratap Marg, Lucknow. Tel No. (0522) 2612949, (0522)2628310,

Fax: (0522) 2627994, Website : www.upsugarfed.org

Short term e-tender Notice Online e-bids are invited for the sale of different kind of Alcohol (RS, SDS, Matured Sprit,

Cane Julce Sprit) from Cooperative Distilleries of U.P, to reputed Distilleries of India,

bonafide registered users to whom license have been issued by the Excise Department and approved traders holding valid license of Excise department of the concemed State. E- fenders can be uploaded upto 6.55 P.M. on 29.06.2021. Technical bid will be openad at 11.00 AM and Financial bid at 2.00 PM on 30.06.2021. E-bid minimum EMD is Rs. 80000/- EMD is variable if quoted quantity is above 01.00 lac BL. The rate at which EMD shall increase will be Rs 0.80 per BL. Total quantity for sale of Alcohol is approximately 49.15 lac BLand Tender cost Rs. 2000/- + 18% GST (Non refundable). The details for submission of e- bids will be available on the e-tender PORTAL http://etender.up.nic.in and also on Federation website www.upsugarfed.org since 23.06.2021 at 6.55 PM. The Managing Director Federation reserves the right to cancel any or all the e-bids without assigning any reason. The decision of the Managing Director shall be final and binding.

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