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| Exchange Disseminated Time | Alps Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 22, 2009, inter alia, has approved the following:
1. Adoption of Credit Debt Restructuring (CDR) Scheme of the Company which involves, inter alia, sale of some of the assets of the Company.
2. Proposal for re-appointment of Mr. P. K. Rajput, whole time director and designated as Executive Director of the Company.
3. Recommendation for re-appointment of M/s. P. Jain & Co., as Statutory Auditors of the Company.
Approval in principle and recommendation for shareholder's approval, the preferential issue of equity shares of the value of Rs. 10.08 crores (approx.) inclusive of Premium if any to promoters group which forms part of the promoters contribution towards cost of restructuring and issue of Quasi Equity Instruments of the value of Rs. 400.00 Crores (approx.) being conversion of loans to lenders in accordance with the Credit Debt Restructuring Scheme of the Company. |
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