PSL Ltd has informed BSE that the Board of Directors of the Company has given its consent for seeking shareholders? approval by way of Special Resolutions through Postal Ballot under Section 110 of the Companies Act, 2013 read with Companies (Management and Administration) Rules, 2014 on the following matters:
(i) Confirm and ratify the restructuring of the Company?s Debts as per the scheme/package approved by the CDR Empowered Group on August 23, 2013.
(ii) Issuance of equity shares on preferential basis to ?Promoters/Promoters Group/Promoter Group?s entities? and ?Lenders? of the Company under Section 62 of the Companies Act, 2013.
(iii) Conversion of debt into equity in accordance with the provisions of Section 62 of the Companies Act, 2013.
(iv) Creation of Charge with respect to Immovable and moveable properties of the Company in favour of tenders in accordance with the provisions of Section 180 (1) (a) of the Companies Act, 2013.
(v) Ratification of issuance of Corporate Guarantee to ICICI Bank and inter corporate investments pursuant to section 186 of the Companies Act, 2013.
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