The Board of Directors of Tata Steel Limited at its meeting held today has proposed to seek the approval of the members of the Company thru' postal ballot pursuant to Section 192A of the Companies Act, 1956, for the following :
(a) Increase in the borrowing limit under Section 293(1)(d) of the Companies Act, 1956 from Rs
40,000 crores to Rs.50,000 crores or up to the aggregate of the paid up capital and free reserves of the Company, whichever is higher; and
(b) Creation of charges under Section 293 (1)(a) of the Companies Act, 1956 on the movable and immovable properties of the Company, both present and future, in respect of borrowings in terms of (a) above.
Submitted for your information.
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