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| Exchange Disseminated Time | Gangotri Textiles Ltd has informed BSE that the Board of Directors of the company at its meeting held on January 30, 2009, inter alia, has approved following:
(1) Relevant Date & E.G.M Date:
In view of the adverse conditions prevailing in the Textile Industry, the Company proposed restructuring of its debts under CDR Mechanism. The same was referred to the CDR Empowered Group and the CDR Empowered Group has approved the restructuring proposal under CDR system.
In terms of the said CDR Scheme approved-
(a) Rs 5.00 crores out of the loans due to Banks is to be converted into Equity Shares on the price to be worked out as per SEBI Guidelines.
(b) A sum of Rs 70.00 crores out of the loans due to Banks is to be converted into Cumulative Redeemable Preference Shares, redeemable in three equal annual installments as March 31, 2016, March 31, 2017 and March 31, 2018.
(c) The unsecured loans already extended by the Promoters/ Associates to the extent of Rs 7.20 crores has to be converted into Equity Shares on a price to be worked out as per SEBI Guidelines.
The CDR Scheme was taken on record by the Board of Directors at their meeting held on January 30, 2009.
Since the issue of these shares is in a manner not contemplated under section 81 of the Companies Act, 1956, a Special Resolution in terms of section 81 ( 1A) Companies Act, 1956 is necessary. To consider this Special Resolution, an Extra Ordinary General Meeting of the Company is proposed to be held on Monday, the March 16, 2009.
In terms of SEBI Guidelines, regarding pricing of preferential allotment, December 26, 2008 will be deemed to be the "Relevant Date" for the purpose issue of Equity Shares to the Banks and to the Promoters in terms of the approved CDR Scheme.
Necessary applications will be made to the SEBI wherever any exemption /approvals/ permissions are to be obtained in regard to these issues. |
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