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| Exchange Disseminated Time | | HMT Ltd has informed BSE that the Board for Industrial and Financial Reconstruction (BIFR) vide Order dated June 13, 2008, has sanctioned the Rehabilitation Scheme of HMT Machine Tools Ltd, the wholly owned subsidiary of HMT Ltd under Sections 19(3) and 18(4) of SICA, for immediate implementation. The Rehabilitation Scheme is based on the Revival Plan of HMT Machine Tools Ltd approved by the Government of India during March 2007 envisaging funds Infusion in the form of Equity and Preference Shares Conversion of Government of India Loans into Equity and waiver of Interest on Government of India Loan. The Rehabilitation Scheme also envisages various concessions and relief’s from various stakeholders like Banks, Creditors, Investors, statutory authorities etc. apart from the Merger of Praga Tools Ltd, Hyderabad, another Subsidiary of HMT Ltd with this Company effective April 01, 2007. |
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