Brief: Rathi Steel and Power approvs demerger of Ghaziabad, Orissa units

Rathi Steel And Power

10/06/2016 03:44

June 9 (Reuters) - Rathi Steel and Power Ltd  RATS.BO : 
 * Approved the demerger / or hiving of both the ghaziabad and orissa units of 
   the company on slump sale basis 
 * Approved the resignation of mr. udit Rathi from the CEO of the company with 
   effect from may 17, 2016 
 
 * Source text: Rathi Steel & Power Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 09, 2016, inter alia, has considered and approved the demerger / or hiving of both the Ghaziabad and Orissa Units of the Company on slump sale basis to unlock the value and to arrive at long term viability solutions. This is subject to requisite approval by all stakeholders including lenders and all concerned statutory authorities etc. Further, Board has also approved the resignation of Mr. Udit Rathi from the CEO of the Company with effect from May 17, 2016. 
 
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