BOARD FOR INDUSTRIAL AND FINANCIAL RECONSTRUCTION

Case No.70/2006 Duncans Industries Ltd. (DIL)
prescribed under the provisions of the Companies Act, 1956 for
subscribing the shares in terms of this Scheme.
(ii)
DIL / KFCL shall be exempted from the applicability of the provisions of
Section , 16, 31,,80(5), 94, 95, 100 to 105, 138,198, 269, and Schedule
XIII of the Companies Act, 1956.
(iii) To consider to exempt DIL and its Directors in respect of penal
provisions under section 58A, 58AA, and 58AAA of the Companies
Act,1956 and other applicable provisions / rules in respect of
acceptance of deposits and for the defaults prior to the date of sanction
of the Scheme by BIFR.
(iv) On sanction of the scheme, existing paid up equity share capital
(subscribed) and redeemable cumulative preference shares of DIL shall
stand reduced by 60% and 0.001% Cumulative Redeemable Preference
Shares (CRPS) aggregating to Rs 165.98 Cr issued to the banks and
financial institutions by DIL alongwith accrued dividend thereon shall
stand fully written off in terms of the OTS settlement with the Banks and
Financial Institutions without following the provisions of Section 100-105
of the Companies Act, 1956.
(v)
(vi)
DIL may be allowed to allot 4,22,05,000 nos. of equity shares of the face
value of Rs 10/- each aggregating to Rs 42.205 Cr post reduction and
consolidation of share capital at par to the Promoters / Associate
Companies without following the requirement of the provisions of section
81(1A),,108A and 108B of Companies Act, 1956.
The authorized share capital of KFCL shall be enhanced to Rs 450 Cr.
(Rupees Four Hundred Fifty Cr only) and Memorandum and Articles of
Association of KFCL shall be amended accordingly and to consider
exempting from payment of fees and exempting from applicability of
Section 16 and 31 of the Companies Act, 1956.
(vii) KFCL may be allowed to allot one (1) number of equity share of Rs 10/-
each fully paid up to the equity shareholders of DIL for every 40 (forty
equity shares) of Re. 10/- each (post de-rating and consolidation) held by
them pursuant to the Scheme of Arrangement without following the
requirement of the provisions of section 68B, 81, 108A, and 108B of the
Companies Act, 1956.
(viii)
JUBVPL (JV Co.) shall infuse Rs 400 Cr in KFCL within 90 days from
the date of sanction of scheme and KFCL shall allot 40 Cr nos equity
shares of Rs 10 each at par to JUBVPL (JV Co.) within 7 working days
from the date of infusion of the aforesaid funds without following the
requirement of the provisions of section 68B, 81, 108A, and 108B of the
Companies Act, 1956.
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