Cholamandalam DBS Finance Ltd, promoted by Chennai-based Murugappa Group today said that it has received Madras High Court’s approval for company’s proposed capital restructuring.
In an announcement to National Stock Exchange (NSE) today, the company said that The High Court of Judicature at Madras has confirmed the capital restructuring scheme of the Company under sections 78, 100 to 103 of the Companies Act, 1956.
The court Order dated April 20, 2009 confirming the reduction of the Securities Premium Account by an amount not exceeding Rs 323.53 crore being the balance available in the Securities Premium Account as on March 31, 2008.
The company also said the order has also been registered and approved by the Registrar of Companies.
The Board of the company in their meeting held on January 30, 2009, has, approved a capital restructuring proposal under section 78 and 100 of the Companies Act, 1956.
Source: Business-Standard