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| Exchange Disseminated Time | Shree Rama Multi-Tech Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 25, 2005, inter alia, has:
1. Taken on record the appointment of Mr. R S Patel, as the director of the Company.
2. Approved the appointment of Mr. Sharad Jariwala, the director of the Company as the Whole Time Director, subject to the consent of the General Meeting and Central Government.
3. Deliberated upon the recommendations of the Audit Committee on the write offs and approved the same. The said write offs are in line with the deliberations by the Audit committee of the Company and the commitments given by the Company under the scheme of Compromise and Arrangement filed under section 391 of the Companies Act, 1956, with the Gujarat High Court.
Pursuant to the scheme of Compromise and Arrangement filed by the Company u/s 391 of the Companies Act 1956, after intense deliberations with the lenders and as per their directions, the voting of the scheme for Class A & B has been completed and the lenders and members have approved the scheme. On receipt of the sanction of the Scheme of Compromise by the Gujarat High Court the Company in right earnest would implement the same. It may be noted that the write offs necessitates the company to make reference to BIFR due to the erosion in net worth to the extent prescribed in the Sick Industrial Companies (Special Provisions) Act 1985. The timely action of the management in identifying the problem early and initiating remedial measures has ensured that reference is more of a statutory requirement. The filing of a Scheme of Compromise and Arrangement with the Gujarat High Court and the approval thereof by the shareholders has already completed the action that is normally initiated after the reference to BIFR. |
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