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| Exchange Disseminated Time | Shree Rama Multi-Tech Ltd has informed BSE that pursuant to the direction of Gujarat High Court for the purpose of approval of the Scheme of Compromise and Arrangement between the Company and its Creditors under section 391 of the Companies Act, 1956, the adjourned meeting of the Shareholders of the Company was held on May 30, 2005.
Accordingly, at the said meeting the Resolution for approval of the said Scheme of
Compromise and Arrangement together with the modifications thereof between the Company, its Secured Creditors with First Charge or Class "A" Creditors and Secured Creditors with Second Charge or Class "B" Creditors was approved by the meeting.
The Scheme approved provides for substantial relief in debt repayments to the lenders through conservative repayment schedule of a total amount of Rs 4867 million to be paid by the Company between 2005 to 2014 towards interest and principal. |
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