Telecom equipment manufacturer GTL Infrastructure today said its board had approved the draft of the debtor-creditors agreement under Corporate Debt Restructuring (CDR) scheme.
The board has also noted to forward the proposal to CDR cell for the purpose of the debt restructuring, GTL Infrastructure said in a filing to the Bombay Stock Exchange.
Further, in view of the dynamic and challenging macro-economic and operating environment, the board of directors of the company in its meeting revamped the roles and responsibilities of directors, the filing added.
Milind Naik, who has been with the group for over 26 years, has joined the board as a whole-time director and chief operating officer (COO). He will be responsible for commercial, operations and cost optimisation measures.
Prakash Ranjalkar, whole-time director would continue to be responsible for strategic initiatives, operations and business development and Manoj Tirodkar, global group's founder and promoter and non-executive chairman of the company will guide the management on strategic matters, growth and M&A initiatives.
The board has also accepted the resignation of A Ravi, whole-time director and CEO citing personal reasons to leave the organisation.
Shares of GTL Infrastructure today closed at Rs 14 on the BSE, down 1.75% from the previous close.