Garware Hi-Tech Films Limited has been informed by the Maharashtra Pollution Control Board (MPCB) that its bank guarantee of ₹25 Lakhs has been forfeited. This action stems from alleged non-compliance with consent conditions. While the immediate financial impact is limited to the guarantee amount, the company states that effective steps have been taken to address compliance issues.
Bank Guarantee Forfeited by MPCB
Garware Hi-Tech Films Limited has received official communication from the Maharashtra Pollution Control Board (MPCB) regarding the forfeiture of a bank guarantee. The guarantee, amounting to ₹25 Lakhs, was furnished by the company as part of its consent conditions. The forfeiture is attributed to alleged non-compliance with these conditions, as observed during a site inspection and personal hearing.
Company Response and Financial Impact
The company has clarified that it has already taken effective steps and implemented necessary compliance measures to address the MPCB’s concerns. Garware Hi-Tech Films Limited has informed the MPCB of these actions. The immediate financial impact of this forfeiture is limited to the ₹25 Lakhs encashment value of the bank guarantee. The company further stated that there is no material impact on its business operations or other activities due to this event.
Source: BSE
