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| Exchange Disseminated Time | GTL Infrastructure Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 29, 2011, has considered the following:
1. Letter of Approval received from Corporate Debt Restructuring (CDR) Cell, Mumbai in respect of restructuring of the Company's debt and a Committee of the Board is constituted to discuss, negotiate, finalise the various terms and conditions stipulated therein, interalia Issuance of Securities in terms of the CDR process.
2. In view of the new developments like Restructuring of Debt and consequent change in the capital structure, the Scheme of Arrangement (Scheme) with Chennai Network Infrastructure Limited (CNIL) will have to be accordingly modified. Hence the board has authorised the Committee formed in respect of point No. 1 to consider modification / withdrawal of the earlier Scheme and replace it with the new Scheme, subject to necessary approvals as may be required.
3. Mr. Milind Naik, Whole-time Director and Chief Operating Officer, has been re-designated as Whole-time Director and Co-Chief Operating Officer and Mr. Milind Bengali has been appointed Co-Chief Operating Officer of the Company to strengthen the management.
4. Mr. Prasanna Bidnurkar, Chief Financial Officer has been re-designated as Head - CDR and will be responsible for all the matters related to CDR. Accordingly, Mr. Bhupendra Kiny has been appointed as Chief Financial Officer. |
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