ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Government to the Rescue

Government to the Rescue Hansavivek HYDERABAD ALLWYN is to be converted into a government company. The directors hud stated last year that it had become a government company, but the Company Law Board decided that the value of forfeited shares did not entitle it to be so treated. The government of Andhra Pradesh has agreed to conversion of Rs 40 lakhs out of the Rs 76 lakhs due to it towards sales- tax arrears and loans into preference capital and also agreed to invest the balance payable to it in the preference capital of the company, subject to clearance by the Controller of Capital Issues. The state government has also shown its willingness to acquire, in case of need, some more equity shares.

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