We wish to inform you that the Board of Directors of the Company at the meeting held today i.e., 17th June, 2017 has considered and approved the increase in the Authorised Share Capital and Consequential amendments to Memorandum of Association of the Company
a. Increase in the Authorised Share Capital and Consequential amendments to Memorandum of Association of the Company;
b.Conversion of 6 % Redeemable Non-Cumulative Preference Shares to Equity Shares owing to the Scheme for Sustainable Structuring of Stressed Assets
c.Implementation of Scheme for Sustainable Structuring of Stressed Assets (S4A Scheme);
d.Approval for conversion of Loan by Lenders into Equity Shares/Optionally Convertible Debentures (OCDs) of the Company ('Securities') and also issue and allot pursuant to implementation of the Reserve Bank of India S4A Scheme for the Company;
f.Appointment of Statutory Auditor to fill casual vacancy.
the Board has decided that the Extraordinary General Meeting of the Company shall be convened on 13th July, 2017
Source : BSE