Held on 26 February 2019
The Board of at its meeting held on 26 February 2019 has approved the following -1. One time settlement with the consortium of lenders of the Company.
2. Raising of funds through issue of Listed/Unlisted, Secured/Unsecured Redeemable Non Convertible Debentures, aggregating upto Rs.864 Crore (Eight Hundred and Sixty Four Crore Only), on private placement basis, in one or more series/tranches and at such terms (including coupon rates) as may be approved by the Board of Directors/Committee of the Board of Directors from time to time, to be used by the Company for purposes, including:
a. one time settlement with the consortium of lenders of the Company;
b. settlement of stretched payables, employees dues, MAT etc.; and
c. for working capital requirements and other general corporate purposes, as required, from time to time.
3. Demerger of real estate business of the Company through Scheme of Arrangement (with few modifications in the Scheme of Arrangement which was earlier approved by the Board in its meeting held on 13 September 2017) subject to applicable approvals.
4. Notice of Extraordinary General Meeting of the Company scheduled to be held on 25 March 2019.
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