S&S Power to file for de-registration as sick company

S&S Power Switchgear Ltd has announced that the Board of Directors of the Company at its meeting held on September 02, 2006, has taken on record the order of the High Court of Madras sanctioning the Scheme of Arrangement and Compromise between the Company and its class creditors under section 391 of the Companies Act, 1956 vide its order dated August 19, 2006.

Upon filing of the said order with Registrar of Companies, Chennai on August 29, 2006, the scheme has become effective as of that date.

After passing necessary entries in accordance with the scheme, the Board reviewed the position of net-worth as of June 30, 2006 and it was noted that the net-worth of the Company turned positive. The Board also noted that as a result of the Arrangement and Compromise with the Creditors and also as a result of the various measures taken by the Company to reduce cost, to improve productivity the competitive position of the company has improved substantially.

Consequent to the above said position, the Board further directed filing of an application with the appropriate authorities for de-registration as a Sick Industrial Company under Sick Industrial Companies (Special Provisions) Act, 1985.

Source : Equity Bulls

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