Western India Shipyard - Outcome of Board Meeting
Western India Shipyard Ltd has informed BSE that the Board of Directors of the Company at its meeting held on September 12, 2007, has considered & approved the proposal for revival and rehabilitation of the Company in terms of a scheme of compromise and arrangement between the Company and its secured lenders, with ABG Shipyard Ltd (ABG) as a confirming party, under Sections 391-394 of the Companies Act 1956 (the “scheme”). The Scheme provides certain options for the restructuring/one time settlement of the debt of the secured lenders of the Company with the involvement of ABG, along with other matters connected with the compromise and arrangement, including reorganization of share capital of the Company.
All the above are subject to requisite approvals including those of Stock Exchanges under the Listing Agreement, shareholders, creditors, any regulatory authorities and sanction of the scheme of compromise and arrangement in terms thereof by the High Court of Bombay at Panaji, Goa.
The scheme of compromise and arrangement as finalized will be filed separately with the Stock Exchange.
(Source-Bseindia)
Regards, Balkrishna Agarwal
