Asian Electronics: Updates

Asian Electronics Ltd has informed BSE about the following material developments:

1. The Company was ordered to be wound up by the Hon?ble Mumbai high court in response to a petition by a creditor. The Company has since made an application to the division bench which has advised the Official Liquidator not to take any further action pending submission of the scheme of arrangement which has to be done prior to April 30, 2015.

2. The Company has sought an approval of the proposed scheme from secured lenders, and upon receiving in principle approval, the scheme as approved by the board is being submitted to the stock exchanges and the court.

3. The proposal will include:

a. Reduction of share capital
b. Fresh infusion of equity
c. Restructuring of loans
d. Repayment of statutory dues within 1 to 3 years
e. Repayment of overdue FD within 3 months
f. Transferring of some assets and liabilities to wholly owned subsidiaries
g. Sale of surplus asset to repay to lenders.