Cabinet Committee on Economic Affairs (CCEA) approves financial relief to FACT

Fertilizers And Chemicals Travancore Ltd. has informed that Cabinet Committee on Economic Affairs (CCEA) has approved the following Financial Relief to the Company.

1. Waiver of all outstanding interests as on March 31, 2005 amounting to Rs. 85.77 crores (Rupees Eighty Five Crore and Seventy Seven Lacs only) and penal interest, thereon.
2. Conversion of 50% of the outstanding GOI loan of Rs. 584.60 crores as on March 31, 2005 (i.e. Rs. 292.30 crores) into equity capital.
3. Write off of the non-plan loan of Rs. 60 crores (Rupees Sixty Crores only) given for Voluntary Retirement Scheme.
4. Write off of the balance outstanding GOI loan of Rs. 232.30 crores (Rupees Two Hundred and Thirty Two crore and Thirty Lakh only) as on March 31, 2005 (Rs.584.60 - 292.30 - 60.00 crores).
5. The relief requested above to be made effective as on March 31, 2005.

The Board of Directors of the Company at its meeting held on July 07, 2006 approved the Annual Accounts for the year ended March 31, 2006 after considering the Financial Relief Package. The current year´s working after considering the reliefs show a profit of Rs. 235.66 crore and at the end of March 31, 2006, the net worth of the Company is Rs. 375.79 crore.

Source : Equity Bulls

Keywords