India Foils Ltd has informed that the Board of Directors of the Company took on record the rehabilitation scheme sanctioned by the Board for Industrial and Financial Reconstruction (BIFR) for the Company at its meeting held on September 08, 2008. The scheme inter alia provides the following rehabilitation measures:
1. The existing equity share capital of the Company is directed to be reduced by 90% in terms of section 18(2) of the SICA without the requirement of following the provisions of Sections 100-103 of the Companies Act, 1956 and without following any SEBI or other guidelines.
2. The Company shall be exempted from provisions of the Companies Act in respect of increasing the authorized share capital of the Company as per the provisions of the Scheme which also provides for waiver of fee payable to Registrar of Companies, West Bengal, in respect of increase in the authorized share capital.
3. The scheme provides for bringing in fresh funds by way of equity and equity-linked instruments (convertible into equity share at par) amounting to Rs 26.10 crores and 0.01% Redeemable Non Convertible Preference Shares to the tune of Rs 198.90 crores by promoters \ co- promoter and conversion of unsecured loan of promoters group of Rs 45 crores into 0.01% Redeemable Non Convertible Preference Shares without the requirement of following the provisions of Section 80/81(1)(a)/372A and any other provision of Companies Act, 1956 or any other SEBI Guidelines / listing agreement with stock exchange. The said shares are not subjected to capital reduction.
4. Waiver of Rs 46.15 crores by promoters and their affiliates.
5. Cancellation of existing preference share capital of Rs 27.51 crores including arrears of dividend thereon.
6. Write off of forfeited shares warrants of Rs 2.35 crores
1. The existing equity share capital of the Company is directed to be reduced by 90% in terms of section 18(2) of the SICA without the requirement of following the provisions of Sections 100-103 of the Companies Act, 1956 and without following any SEBI or other guidelines.
2. The Company shall be exempted from provisions of the Companies Act in respect of increasing the authorized share capital of the Company as per the provisions of the Scheme which also provides for waiver of fee payable to Registrar of Companies, West Bengal, in respect of increase in the authorized share capital.
3. The scheme provides for bringing in fresh funds by way of equity and equity-linked instruments (convertible into equity share at par) amounting to Rs 26.10 crores and 0.01% Redeemable Non Convertible Preference Shares to the tune of Rs 198.90 crores by promoters \ co- promoter and conversion of unsecured loan of promoters group of Rs 45 crores into 0.01% Redeemable Non Convertible Preference Shares without the requirement of following the provisions of Section 80/81(1)(a)/372A and any other provision of Companies Act, 1956 or any other SEBI Guidelines / listing agreement with stock exchange. The said shares are not subjected to capital reduction.
4. Waiver of Rs 46.15 crores by promoters and their affiliates.
5. Cancellation of existing preference share capital of Rs 27.51 crores including arrears of dividend thereon.
6. Write off of forfeited shares warrants of Rs 2.35 crores
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