Held on 30 November 2016Castex Technologies announced that the Board of Directors of Amtek Auto, Metalyst Forgings, ARGL and Castex Technologies met independently and each Board approved the infusion of fresh capital by Investor(s) and restructuring of the debt and the Company as proposed by the Investor(s).
A joint board meeting of all the companies was subsequently held where the approval of individual board was adopted.
The joint board further approved the proposal relating to -
- Infusion of fresh equity by new Investor(s)
- Restructuring and reduction of debt subject to approval of lenders.
- The process of monetisation to support the restructuring and debt reduction of the Company.
Further, informed that S S Verma has resigned as Managing Director of the Company and K T James has resigned from the office of director of the Company with effect from 30 November 2016.
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