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The Cabinet Committee on Economic Affairs on Wednesday gave its approval for restructuring the balance sheet of Scooters India Ltd, Lucknow by way of reduction of equity of Rs. 85.21 crore in the share capital of SIL held by the Government of India against accumulated losses.
The reduction would be deemed to have taken effect as on March 31, 2013 and by way of freezing the interest on the non-plan loan of Rs 1.89 crore released to SIL during 2012-13 from the date of its release to the company and conversion into equity of the outstanding principal amount of Rs 1.89 crore, a government statement said.
“With this approval, the balance sheets of Scooters India Limited from 2012-13 onwards will be regularised and further restructuring will be effected accordingly,” it said.
This is also expected to clear a hurdle in the process of disinvestment of the company, the statement added.
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