Cabinet approves restructuring of balance sheet of Scooters India Limited, Lucknow

Capital Market 

The Cabinet Committee on Economic Affairs, chaired by the Shri has given its approval for restructuring of balance sheet of Scooters Limited, (SIL) by way of:

i. Reduction of equity of Rs. 85.21 crore in the share capital of SIL held by against accumulated losses.

The reduction would be deemed to have taken effect as on 31.03.2013 and

ii. Freezing the interest on the Non-Plan loan of Rs. 1.89 crore released to SIL during 2012-13 from the date of its release to the company and conversion into equity of the outstanding principal amount of Rs. 1.89 crore.

With this approval, the balance sheets of Scooters Limited from 2012-13 onwards will be regularised and further restructuring will be effected accordingly. This is also expected to clear a hurdle in the process of disinvestment of the company.

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First Published: Thu, May 24 2018. 12:24 IST