The proposed transaction with Cairn is subject, inter alia, to finalisation of mutually acceptable sale and purchase agreements between the parties and approval by the Government of India.
Crompton Greaves is set restructure its capital. In a notice to the Bombay Stock Exchange (BSE), the company said that the High Court of Bombay has approved that an amount of Rs 152 crore in the aggregate be utilised for adjustment against the balances in the miscellaneous expenditure (to the extent not written off or adjusted), deferred Tax Asset and debit balance in the profit and loss account as at March 31, 2003 and accretions /variations thereto during the period from April 1, 2003 to July 31, 2003.
