Financial Daily from THE HINDU group of publications
Thursday, Sep 19, 2002
Financial Daily from THE HINDU group of publications Thursday, Sep 19, 2002 |
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Corporate
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Modernisation Apollo Tyres to seek shareholder nod for IFC loan K.R. Srivats
NEW DELHI, Sept. 18 THE Rs 1,700-crore Apollo Tyres Ltd (ATL) will seek shareholders' nod at the annual general meeting (AGM) at Kochi on Thursday to empower its board of directors to create appropriate charge on all immovable and movable assets of the company for securing a term loan of $35 million from International Finance Corporation (IFC). Sources said that IFC has sanctioned term loan of $35 million (approx Rs 175 crore) for funding the company's plan for modernisation, expansion and corporate investment programmes. The proposed loan is also to be secured by way of charge on all current assets of the company including receivables. The approval is being sought in terms of Section 293(1)(a) of the Companies Act, which stipulates that the board of directors of a "public limited" company should not, without the consent of the members in general meeting, create mortgage/charge on the immovable and movable assets in favour of the lenders. ATL will also seek shareholders' nod for appointing Mr Raaja R.S. Kanwar as a Director of the company in place of Mr Raunaq Singh, who is retiring by rotation at the AGM and is not seeking re-election.
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