Outcome of board meeting of Zylog Systems

Held on 21 November 2014

Zylog Systems announced that the Board of Directors of the Company at its meeting held on 21 November 2014, has discussed, took on record and approved the following items :

1. Future Plans on the revival of the Company.

2. Appointment of M/s. Harishankar Mani & Kumarpal Chopra, Advocates, as legal counsel to handle matters with the High Court/ Official Liquidator & Restructuring process Approaching Official Liquidator & High Court for various approvals

3. Handling of Secured & other Creditors for revival of the Company.

4. Appointment of IDBI Capital Market Services to advise the company on restructuring of the outstanding loans to banks & institutions in an appropriate manner.

5. To take appropriate immediate actions to restrain the unilateral action of ICICI Bank to transfer the shares held by the Company in its Wholly Owned Subsidiary, Zylog Systems Canada.

6. To expand the existing senior management team of the Company in a manner that professionals with demonstrated skillsets and relevant experience be inducted into various key positions.

Powered by Capital Market - Live News