Held on 15 December 2014
Ashima announced that the Board of Directors of the Company at its meeting held on 15 December 2014, inter alia, has considered and approved the following:1. The Scheme of Arrangement for Reconstruction and Compromise under Sections 391 to 394 read with Sections 100 to 103 of the Companies Act 1956 and Section 52 of the Companies Act, 2013 and such other sections as may be applicable, between Ashima and its equity shareholders, preference shareholders and secured creditors ('Scheme').
The Scheme contemplates financial reconstruction of the Company pursuant to significant infusion of equity capital, re-organisation of preference share capital and settlement of Outstanding Secured Debts of the Secured Creditors of the Company.
2. The appointment of Koushlya Melwani as an additional director on the Board of the Company.
3. The appointment of Jayesh C. Bhayani as Chief Financial Officer in terms of Section 203 of the Companies Act, 2013.
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