JD Orgochem approves scheme of arrangement with ARCIL

JD Orgochem Ltd has announced that the Board of Directors of the Company at its meeting held on June 07, 2007, inter alia, has transacted the following :

1. Taken on record confirmation received from Asset Reconstruction Company of India Ltd (ARCIL) having finalized 'in principle’ sale of Company’s Turbhe unit in accordance with power created under Section 13(4) of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

2. Approved and taken on record Scheme of Compromise / Arrangement as approved by ARCIL with Secured Creditors and Equity Shareholders of the Company as per Section 391 to 394 and 101 of the Companies Act, 1956.

Source : Equity Bulls

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