Held on 09 June 2016
Rathi Steel & Power announced that the Board of Directors of the Company at its meeting held on 09 June 2016, inter alia, has considered and approved the demerger / or hiving of both the Ghaziabad and Orissa Units of the Company on slump sale basis to unlock the value and to arrive at long term viability solutions. This is subject to requisite approval by all stakeholders including lenders and all concerned statutory authorities etc.Further, Board has also approved the resignation of Udit Rathi from the CEO of the Company with effect from 17 May 2016.
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