Uniroll Leather to dispose properties to repay loans
02 Sep '06
1 min read
Uniroll Leather India Ltd is contemplating to dispose of its properties to repay unsecured loans.
The Company for its immediate financial requirements and term –loan payments to the PICUP Ltd, availed itself of unsecured loans from director and associates, for which it is not even paying any interest.
This resulted in the lenders serving notices on the company to repay their loan.
Uniroll has created security in favour of some of the lenders as per resolution passed at the 12th AGM held on September 29, 2004.
The Company had no option but to pass resolution under Section 192A read with section 293(1)(a) of the Companies Act, 1956 on May 26, 2006, dispose of properties to repay its loan.
Uniroll has not prepared the Profit & Loss Account for the year ended March 31, 2006, since its commercial production is yet to start.
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