Pennar's rehab scheme implemented

Pennar Profiles Ltd has informed that the rehabilitation package approved by the Appellate Authority for Industrial and Financial Reconstruction (AAIFR) has been implemented.

A fresh equity capital of Rs 7.5 crore from OSI India Holding A/S, Denmark, belonging to Alumeco A/S, Denmark, and Rs 2.15 crore from the present promoters by way of conversion of unsecured loans into equity and remissions on account of rehabilitation package have made the company's net worth positive.

With OSI India Holding, holding 60 per cent of the equity of the company, there has been a change in the composition of the board.

The revised composition of the board of directors shall include three directors from foreign promoters namely Wolfgang Ormeloh (managing Director of Alumeco's Group company in Germany), Hans Schweers (chairman of OSI India Holding A/S, Denmark) and Deepa Hingorani (resident representative in Delhi for IFU, Industrialisation Fund from Denmark).

There will be two directors from the Indian promoters' side namely Nrupender Rao and P Bhaskara Rao.