Unitech Postal Ballot Results passes guarantee of Rs.200 Crores

Unitech Ltd has announced that the members of the Company by way of postal Ballot have passed, the two special Resolutions - one for Corporate Guarantee of Rs 200 Crores to Allahabad Bank in respect of Unitech Hi-Tech Developers Ltd and the other for Security to Standard Chartered Bank by way of Equitable Mortgage of the Land & Building (both present and future) relating to ‘Nirvana Close’ project in respect of Term Loan of Rs 60 Cores sanctioned by said Bank to Pioneer Urban Land & Infrastructure Ltd under Section 372A of the Companies Act, 1956 and one Ordinary Resolution for enhancement of borrowing limit from Rs 1000 Crores to Rs 3000 Crores under Section 293(1)(d) of the Companies Act, 1956, with the requisite majority.

Source : Equity Bulls

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