Powers of Board of Directors reinstated with immediate effect
The Hon'ble NCLT, Kolkata by order dated 18 April 2018 has approved Resolution Plan of MBL Infrastructures submitted by its Promoter, A. K. Lakhotia.The powers of the Board of Directors and Committees of the Board have been reinstated with immediate effect. The management and control of the business of the Company during the term of the Resolution Plan will be with the Board of Directors of the Company.
A. K. Lakhotia shall act as Chairman and Managing Director of the Company .The operations of the Company would be managed by professional Key Managerial Personnel. There will be strengthening of the management of the Company by inducting more experienced professionals. There would be strengthening of the Board of Directors of the Company.
Various means have been stated in the Resolution Plan for supervising the implementation and safeguards on the resolution plan. The Registered Office of the Company will be shifted from Kolkata to New Delhi.
Upon implementation of the Resolution Plan, the equity shareholding of the Promoters would increase from 21.73% to 80.88%.
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