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| Exchange Disseminated Time | Hotel Leelaventure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 07, 2013, inter alia, has approved the following :
1. Postal Ballot Notice for: (i) approval, ratification and confirmation of the corporate debt restructuring (CDR) scheme (the "CDR Package") as approved by the Corporate Debt Restructuring Empowered Group (the "CDR EG"); and (ii) authorizing the issuance and allotment of equity shares to the CDR lenders / Security Trustee / Monitoring Institution, if the CDR Lenders / Security Trustee exercise their right in future to convert the loans into equity shares in terms of the CDR Package and the Master Restructuring Agreement dated September 28, 2012 (the "MRA").
The Board has also approved a Postal Ballot Notice under Section 192A of the Companies Act, 1956 read with Companies (Passing of Resolution by Postal Ballot) Rules, 2011 to seek approval of the shareholders for approval, ratification and confirmation of the CDR Package as approved by the CDR EG and also authorizing the issue of equity shares to the CDR lenders/Security Trustee/Monitoring Institution if the CDR Lenders/Security Trustee exercise their right in future to convert the outstanding loans into equity shares in terms of the CDR Package and the MRA. The notice and related disclosures thereof will be submitted / issued in due time.
2. Change in Directorate
Capt. C. P. Krishnan Nair, Chairman, expressed his desire to step down and tendered his resignation from the Board of Directors with effect from February 07, 2013.
Capt. C. P. Krishnan Nair founded the Company in 1981 and has nurtured the Company over the last three decades to develop six operating hotels and five hotels under development. The Board placed on record the invaluable contributions of Capt. C. P. Krishnan Nair to the Company for the past three decades. Considering his invaluable contribution to the Company, the Board has honoured Capt. C. P. Krishnan Nair by appointing him as the "Chairman Emeritus" of the Company with effect from February 07, 2013.
Mr. Vivek Nair, presently Vice Chairman & Managing Director, has been elevated to the position of Chairman and Managing Director (CMD) and Mr. Dinesh Nair, presently Joint Managing Director, has been elevated to the position of Co-Chairman & Managing Director (CCMD). |
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