BIFR approves Pranavaditya Spinning Debt Rehabilitation Scheme

Pranavaditya Spinning Mills Ltd has announced that the Board of Directors of the Company at its meeting held on July 10, 2007, inter alia, has considered / approved the following:

1. The company has applied Registrar of Companies Maharashtra, Pune, for extension of financial year 2006-07 by 6 months, order thereof is awaited.

2. As per Draft Rehabilitation Scheme (DRS) filed with BIFR for approval M/s. Indo Count Industries Ltd, has proposed to join the Company as co-promoters.

3. The BIFR had caused circulation / publication of and had fixed mandatory hearing on June 26, 2007 at New Delhi, for consideration of objection / suggestion in response to said DRS.

4. The matter was heard before the Hon'ble Bench on June 26, 2007. In an open court order, the Hon'ble Bench has approved the DRS subject to certain modifications. The written Order for the same is still awaited.

Source : Equity Bulls

Keywords