The Hindu Business Line : Ponni Sugars Orissa plans EGM on Dec. 23

This is a procedural formality as the company's assets have been taken over and sold to a co-operative under an Act that enables lenders to opt for recovery of their dues.

ICICI Bank had taken over the assets under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002.

The Bijayananda Co-operative in Bolangir had acquired the assets and it is all set to commence production at the mill, which has a capacity to crush 2,500 tonnes of sugarcane per day.

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Ponni Sugars Orissa plans EGM on Dec. 23