Board of Hardcastle Restaurants approves scheme of capital reduction

On 13 August 2021

The Board of Directors of Hardcastle Restaurants (HRPL), the wholly owned subsidiary of Westlife Development, has approved the Scheme of Capital Reduction (Scheme) at its Board Meeting held on 13 August 2021, for reduction of paid-up share capital of HRPL by reducing the face value of each equity share along with a reduction to the Securities Premium Account of HRPL and such cumulative reduction would be effected by writing off the balance of Accumulated Losses as on June 30, 2021 pursuant to the provisions of Section 66, Section 52 and other applicable provisions of the Companies Act, 2013 (including the Rules made thereunder), subject to approvals from the shareholders of HRPL and sanction of the National Company Law Tribunal, Mumbai Bench, and other approvals, as may be required.

The Board of Directors of the Company, in its meeting held on 13 August 2021 has decided that the Company accord its approval to the proposed Scheme, in its capacity as an equity shareholder of HRPL.

Equity shares of HRPL are not listed on any stock exchange in India.

The Company is not directly involved in the proposed Scheme. However, as a good corporate governance practice, we are making this disclosure under Regulation 30 of the Listing Regulations.

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