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Moneycontrol.com >> Message Board >> View Messages >> Singer India
   You are here :     Moneycontrol     MMB    Stocks      Singer India                         Most active discussions of 2006 , 2007 & 2008
BSE Announcements on Singer India (1)   03-Jul-08 12:46Tracked by (0)  
Posted by:   MMB Messenger on ( 03-Jul-08 12:46 )
Price : [Singer India - BSE:Rs. 6.40 NSE:Rs. when posted]
Singer India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 27, 2008, inter alia, has taken on record the rehabilitation scheme as approved by the Honble Board for Industrial and Financial Reconstruction (BIFR). The cut off date for the schemed as approved by the BIFR is taken as March 31, 2007. The Board of Directors have further ratified filing of an appeal with the Honble Appellate Authority for Industrial and Financial Reconstruction (AIFR) in respect to certain matters not considered adequately / correctly by the BIFR.

The Board of Directors as a part of implementing the above sanctioned scheme also noted / approved reduction / consolidation of existing share capital of the Company as follows:

"The existing equity share Capital of the Company to be reduced by 90% and then every ten equity shares of Rs 1 each are to be consolidated into one equity share of Rs 10 each fully paid up."

The Board of Directors have further approved of seeking shareholders approval in the ensuing annual general meeting for the following purpose:

1. Allotting additional equity shares of Rs 10 each to the Companys Promoters viz. Singer (India) BV. Netherlands and / or its associates hereinafter called as "Singer" after receipt of the money equivalent to Rs 8.35 crores as per the directions given by the Honble BIFR in their sanctioned scheme.

2. Conversion of 10% of the ECB of US $ 1.7 million, received from Singer Asia to equity shares capital to be allotted at par to Singer as per the sanctioned scheme.

One time settlement with the banks as envisaged in the schemed has already been conducted by the Company.

The next Annual General Meeting of the Company has been fixes at August 19, 2008, to transact the above businesses along with other routing businesses.
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