No.5/42/99-CLV

Government of India

Ministry of Law, Justice & Company Affairs

Department of Company Affairs

5^th Floor, `A’-Wing, Shastri Bhawan,

Dr. R.P. Road, New Delhi – 110 001.

Dated: 29-11-99.

Subject:- Application under section 208 of the Companies Act, 1956 from

The Central Government has recently approved a proposal from M/s. New Tirupur Area Development Corporation Limited for payment of interest not exceeding 10% per annum (subject to certain conditions) on share capital. This is for the first time an approval regarding interest on capital has been accorded by the Department. The said project is the first of its kind in the water sector and has specialized financial requirements in view of long gestation period involved in infrastructure projects. The company has been promoted jointly by the Tirupur Exporters Association, Infrastructure Leasing & Financial Services Limited and Government of Tamil Nadu for drawal, treatment and delivery of 185 Million Litres per Day (MLD) of water to Tirupur Municipality and Industrial units in and around Tirupur. The successful completion of the project will result in reducing the gap between the level of infrastructure available and that required in Tirupur, Tamil Nadu.

2. The press note is also available at the Web-site of the Department of Company Affairs at the following address: http//www.nic.in/dca. 

( R.D. Joshi )

Joint Secretary to the Govt. of India

Ph: 3381226

Copy to:

Shri M.Y. Siddiqui, I.O., Press Information Bureau, Shastri Bhawan, New Delhi with the request that the Press Note may kindly be given wide publicity.

( R.D. Joshi )

Joint Secretary to the Govt. of India

 Endt. No. 5/42/99-CL-V Dated: 29th November, 1999.