MUMBAI, January 15: DSJ Finance Coporation Ltd which has defaulted in repaying money to debenture holders has called for yet another meeting debenture holders on January 31, 1998 to get their approval for selling the company properties.Earlier the company's plan to convert the debentures into plantation scheme was opposed by the investors and the Securities and Exchange Board of India. The Reserve Bank of India has also banned the company from accepting fresh deposits from the public.
``Due to acute liquidity crunch, the company was not in a position to redeem debentures under series B aggregating Rs 6.32 crore and Rs 54 lakh which became due for redemption on October 30, 1997 and December 29, 1997 respectively,'' said Jagad Dalal, Executive Director, in a letter to the BSE.
The company has therefore, convened debenture holders meeting on October 28, 1997 for seeking extension in repayment of debentures. ``We further wish to inform you that debenture holders in their meeting held on that day have not
agreed for extension in repayment of debentures and hence in view of this, alternate proposal was put to liquidate realisable assets offered to ICICI Trustees for debenture holders. It was also decided in the meeting that the company would convene another meeting of debenture holders by January 31, 1998 to explain the details of the properties which it plans to liquidate.''
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
