GAMMON INDIA LTD. - Outcome of Board Meeting

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GAMMON INDIA LTD. - Outcome of Board Meeting

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18 Nov 2015
Gammon India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 17, 2015 inter alia, has transacted the following business;<BR><BR>Transfer of the Company's Civil EPC undertaking viz.: Civil Engineering, Procurement and Construction business carried on by the Company in roads, hydro-power, nuclear power, tunnels, bridges, buildings, cooling towers, chimneys and other sectors as a going concern, which shall include all the properties, rights and powers and all debts, liabilities, duties and obligations comprised in/and pertaining to the Civil EPC business ("Civil EPC Business") to Gammon Retail Infrastructure Private Limited, the Company's wholly owned subsidiary.<BR><BR>The transfer as approved on 14th August, 2015 will now be carried out through a combination of "Scheme of Arrangement" and "slump sale" subject to lenders and shareholders approval.<BR><BR>The Board proposed a change in the Appointed Date to 31st December, 2015 for the above process or such other date as may be approved by the High Court / CDR Lenders.<BR><BR>The carve out of the Civil EPC business with the resultant debt, plant and machinery, properties, employees, projects and all other liabilities is to enable potential equity investors to invest in the Civil EPC business<BR><BR>The Board is also evaluating proposals from potential investors for its Civil EPC Business.<BR><BR>The transactions mentioned above will be effective upon receipt of approval of the shareholders, Lenders and the High Court of Judicature at Bombay and all necessary approvals.<BR><BR>Pursuant to Section 180(l)(a), 110 and other relevant provisions of the Companies Act ,2013 consent of the members is proposed to be sought by way of a postal ballot.
View all announcements for GAMMON INDIA LTD.	Source: BSE India

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