Held on 11 September 2014
Shriram EPC announced that the Board of Directors of the Company at its meeting held on 11 September 2014, has discussed and approved the following :1. Considering and approval of the Corporate Debt Restructuring (CDR) Scheme.
2. Arising out of point no.1 the following was also approved subject to approval of the shareholders:
a. Preferential issue of equity shares to the Holding Company - Shriram Industrial Holdings to the tune of Rs. 160 crore as per the CDR Scheme approved.
b. Increase of Authorised Share Capital
c. Alteration of Articles of Association
d. Approval under Section 186 of the Companies Act, 2013
e. Approval under Section 180(1)(a) of the Companies Act, 2013
f. Approval under Section 180 (1) (c) of the Companies Act, 2013
3. In addition to the preferential issue of Rs. 160 crore to the Holding Company under the CDR scheme, board has also approved a further preferential issue of Rs. 50 crore to the Holding Company - Shriram Industrial Holdings subject approval of the shareholders pursuant to Sections 42 and 62 (1)(c) and all other applicable provisions, if any of the Companies Act, 2013 and Rules made there under
4. Re-designation of S Srinivasan Director as Non-executive, Non-independent Vice Chairman of the Company.
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