| The sale proposal was considered by the board of directors at its meeting held on October 17, 2005. The salient features of the sale proposal are as follows: the consideration for the sale of the division of the NEPC India is fixed at Rs 153.59 crore, to be discharged as under Rs 135 crore to be paid to the secured and unsecured lenders and creditors. |
| A value equivalent to or representing 12.5 per cent of fully paid equity shares of Rs 10 each of Southern Windfarms Pvt Ltd to be issued to a trust to be formed by the company, for the benefit of its equity shareholders. |
| All the assets and liabilities (except loan liabilities) relating to the wind energy division will be transferred to SWPL. The proposal among others, subject to the necessary approvals of the shareholders of the company under the Companies Act, 1956 by means of postal ballot. |
| The notification further said that all the employees of the division will be transferred along with the business to SWPL and their services and emoluments will be protected. |
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