The Board of Directors of the Company at their meeting held today have approved the accepatance of terms and conditions of in-principal approval given by M/s.RARE Asset Reconstruction Limited (RARE ARC) in respect of Company's One-Time Settlement offer and directors are authorised to convey the acceptance to the said RARE ARC including seeking grant of time line to fulfill the conditions of in-principle approval considering delay in getting the regulatory approval, if required, from the concerned authorities for sale of the property / machinery and other reasons.
The board has authorised Managing Director / Executive Director to finalise the final / formal approval of One-Time Settlement offer.
The board authorised proposal for Sale of Hotel property at Coonoor Nilgris District, Tamilnadu and sale of part machinery at Power Plant, forming part of the Company's One-Time Settlement offer.
The board accepted un-secured loan from Managing Director / Executive Director of the Company for payment of dues to M/s.RARE Asset Reconstruction Company in respect of Company's One-Time Settlement offer.
The Company shall, with respect to disclosures as referred above, make disclosures updating material developments on a regular basis, till such time the event is resolved/closed, with relevant explanations.
Shares of VELAN HOTELS LTD. was last trading in BSE at Rs.4.76 as compared to the previous close of Rs. 4.77. The total number of shares traded during the day was 1889 in over 26 trades.
The stock hit an intraday high of Rs. 5 and intraday low of 4.13. The net turnover during the day was Rs. 8767.