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Indo Rama to seek shareholders' nod for mortgages

K.R. Srivats

NEW DELHI, July 5

INDO Rama Synthetics (I) Ltd is to seek shareholders' nod at its forthcoming Annual General Meeting (AGM) on July 27 for creation of an equitable mortgage/charge on all movable and immovable assets of the company in favour of ICICI Ltd and several other banks for securing working capital term loans aggregating Rs 111.69 crore.

IRSL had, in September 1996, passed a resolution under section 293(1)(a) at its Annual General Meeting (AGM) authorising the Board of Directors of the company for creating a joint equitable mortgage by way of first pari-passu charge on the company's mova ble and immovable properties, both present and future, in favour of term lenders comprising banks/FIs etc.

The company has now availed working capital loans aggregating Rs 111.70 crore on first pari-passu charge basis for which security is to be created in favour of the respective lenders by an extension of equitable mortgage/charge on the assets of the compa ny in addition to the charges already created in favour of the FIs/banks etc.

The Board of directors of the company had on May 21 this year approved the creation of an equitable mortgage on all movable and immovable assets of the company, for securing the Rs 111.70 crore working capital term loans, in favour of financial instituti ons/banks.