Polar Industries Ltd has informed BSE that Asset Reconstruction Company of India Ltd (ARCIL) vide its letter dt. March 31, 2008 has informed to the Company that they have purchased debts of the Company from some of the existing lenders namely IFCI Ltd., Punjab National Bank, Allahabad Bank, Bank of Maharashtra and Union Bank of India.

ARCIL have also restructured the debt to be repaid over a period of 5 years.

The acquisition of the debt by ARCIL and restructuring thereafter has been post One Time Sanction (OTS) by the FIs / Banks under CDR Mechanism.