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| Exchange Disseminated Time | Onward Technologies Ltd has informed BSE that the Company has filed Scheme of Re-construction and Reduction with the Honourable High Court at Mumbai on April 10, 2008. The salient features of the Scheme are as follows:
1. The outstanding loan as on March 31, 2007 of Rs 106,897,410/- (Rs Ten Cores Sixty Eight Lakhs Ninety Seven Thousand Four Hundred and Eleven Only) obtained by Onward eServices Ltd (OEL) from Onward Technologies Ltd (OTL), shall be converted into Equity Share Capital of OEL.
2. The debit balance of Profit and Loss Account, Irrecoverable Debtors, Loss / Reduction in value of Sundry Advances and Reduction in the value of Inventories as on March 31, 2007 of OEL aggregating Rs 293,997,410/- (Rs Twenty Nine Crores Thirty Nine Lakhs Ninety Seven Thousand Four Hundred and Ten Only) shall be reduced against such increased Share Capital of OEL.
3. The diminution in the value of investments of OTL in the Share Capital of ORL shall be reduced / adjusted against the Securities Premium Account of OTL. Thus the Securities Premium Account of OTL will reduce by Rs 293,997,410/- (Rs Twenty Nine Crore Thirty Nine Lakhs Ninety Seven Thousand Four Hundred And Ten) and the loan given to OEL and investments in Share Capital of OEL will reduce to the extent of Rs 293,997,410/- (Rs Twenty Nine Crore Thirty Nine Lakhs Ninety Seven Thousand Four Hundred And Ten). |
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