The govt approved the merger of Bharat Refractories Limited with steel
giant SAIL and waived BRL's non-plan loan of Rs 145 crore to
facilitate the move which will create a greater synergy between the
companies.
"The Union Cabinet today gave its approval for merger of BRL with
Steel Authority of India Limited (SAIL) under section 396 of the
Companies Act," Information and Broadcasting Minister P R Dasmunsi
told reporters after a meeting of the Union Cabinet chaired by Prime
Minister Manmohan Singh in New Delhi on Thursday.
The set of proposals approved by the Cabinet for the merger include
waiving non-plan loan of Rs 145 crore sanctioned in 2002-03 out of
total outstanding loan of Rs 161.49 crores as well as waiving interest
of Rs 40.91 crore accrued on government loans till 31st March last
year.
The Cabinet also okayed conversion of balace amount of Plan loan of Rs
16.50 crore as equity besides setting off accumulated losses of Rs
22.31 crore outstanding in the books due to merger of India Firebricks
and Insulation Limited (IFICO) against the paid-up equity share
capital of Rs 227.19 crore (including loan converted into equity), he
said.
It also approved setting off the remaining accumulated loss of the
company as on 31st March, 2006 amounting to Rs 173.73 crores also
against the paid-up equity share capital of Rs 227.19 crore.
The Cabinet also decided to waive non-plan loan of Rs 30.46 crore
along with the interest thereon provided to BRL in December 2006,
Dasmunsi said.
Best Jokes, Best Friends, Best Food. Get all this and more on Best of Yahoo! Groups.
No comments:
Post a Comment