Financial Daily
from THE HINDU group of publications
Thursday, February 22, 2001
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Financial Daily from THE HINDU group of publications Thursday, February 22, 2001 |
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JCT to consider EGM on unit hive off
MUMBAI: The board of directors of JCT Ltd is meeting on February 26 to consider calling an extraordinary general meeting (EGM). The EGM is being called to seek members' approval for hiving off the fibre unit of JCT to its subsidiary, the company has info
rmed the Bombay Stock Exchange.
A note from the BSE said the agenda of the EGM will also include issue of fresh capital or securities, creation of charge over the assets of residual operations for the secured securities to be issued and reduction in equity capital.
The restructuring is being considered following financial institutions and banks approving a package envisaging a recast of its business operations and liabilities submitted by the company. The package has also proposed to hive off the fibre unit, the BS
E note said. _ Our Bureau
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