Suzlon board to decide on EGM meet on Apr 18

New Delhi, Apr 15 ( PTI) Suzlon Energy on Wednesday said it board would decide on April 18 about convening a fresh extra ordinary general meeting, which was to be held in the day. Earlier in the day, the company cancelled the extra ordinary general meeting of its shareholders scheduled on April 15, in view of the extension of nationwide lockdown till May 3, to contain the spread of coronavirus pandemic.

The extra ordinary general meeting (EGM) was originally scheduled to be held on March 24, 2020, and was subsequently postponed to April 7, 2020 and was further postponed and rescheduled to April 15. Later in the day the company said in a regulatory filing that it would convene a fresh extra ordinary general meeting.

The company informed that a meeting of the Board of Directors of the Company will be held on Saturday, April 18 to consider and approve various proposals. The company proposes to issue equity shares, optionally convertible debentures and warrants on preferential basis to the lenders in terms of the Resolution Plan for restructuring of debt of the Company and its certain identified subsidiaries formulated under the Reserve Bank of India (Prudential Framework for Resolution of Stressed Assets) Directions, 2019 issued by Reserve Bank of India vide its circular dated 7th June 2019 as also provide in-principle approval for conversion of loan to equity in terms of the Resolution Plan.

Secondly it proposes to issue equity shares / equity linked instruments for restructuring of foreign currency convertible bonds. The board will also vet the proposal of Preferential issue of equity shares and / or compulsorily convertible debentures and / or warrants of the Company to certain persons / entities (including the Promoters).

The board will decide about convening of an extra ordinary general meeting of the shareholders of the Company through video conferencing for obtaining shareholders’ approval for issuance of the aforesaid securities or seeking approval of the shareholders through postal ballot..