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March 14, 2008 |
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NICCO UCO: Shareholders, Fixed-Deposit Holders Approve Scheme The shareholders and fixed-deposit holders of Nicco Uco Alliance Credit Ltd. have approved the company's proposed scheme of arrangement at separate meetings on Feb. 29, 2008. The scheme provides for the reorganization of the company's share capital and compromise with fixed-deposit holders. The scheme, as approved, has this modification: "8.1 As part of the Compromise Scheme, the Depositors of the Company, in lieu of their claims, be issued Equity Shares, at a price in conformity with the SEBI (Disclosure & Investors Protection) Guidelines, 2000 in the Company, only to the extent of their total outstanding principal amount, as on the Appointed Date, and shall forego their entire claim for interest. Clause 9 of the Scheme shall stand deleted". Nicco Uco Alliance Credit Ltd. is a small non-bank finance company operating primarily in Eastern India. Fitch Ratings, on June 18, 2007, downgraded the National Long- term deposit rating of Nicco Uco Alliance Credit Ltd. to 'D(ind)' from 'C(ind)', and subsequently withdrew the rating. Fitch will no longer provide rating coverage of NUACL. The repayment of the rated fixed deposit programme had been rescheduled by the Company Law Board on account of the deteriorated financial state of NUACL. Since then, the company has stopped accepting deposits and has discontinued its fund based activities. |
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