Hindustan Motors board OKs write-off of securities premium account

Hindustan Motors Ltd has proposed to write off the securities premium account which was worth Rs31.7 million as of March 31. Its paid up share capital will also halve to about Rs 805 million from Rs1.6 billion. The firm will adjust both amounts against debit balance in its profit and loss accounts. Hindustan Motors, maker of the Ambassador, has been reeling under losses which have wiped out more than half its net worth.