Valecha Engineering has informed that the Board on November 05, 2016 proposed to re-organise the outstanding fixed deposits of the Company by conversion of fixed deposits into equity shares or other securities to address the concerns of the fixed deposit holders. The Board has on December 01, 2016 decided to consider a scheme of arrangement with the fixed deposit holders of the Company u/s. 391-394 of the Companies Act, 1956 for conversion of outstanding fixed deposits into equity shares or any other securities of the Company, subject to approval (s)/ consent (s)/sanction (s) and permission (s) from Ministry of Corporate Affairs, SEBI, equity shareholders, specified fixed deposit holders and the lenders, if any. The Board directed the management to complete the requisite documentation necessary to give effect to the above decision as also the procedures thereafter. The process for preparation of documentation for the proposal will be completed in or about four weeks’ time.
The above information is a part of company’s filings submitted to BSE.