With the lenders invoking the strategic debt restructuring (SDR) option against debt-laden Japyee Group, its flagship firm Jaiprakash Associates on Saturday said it has convened a meeting of board of directors on Monday to discuss progress of divestment plans and other issues.
The development comes against the backdrop of sale of the group's cement business to Ultratech for Rs15,900 crore coming under cloud after lenders invoked SDR earlier this week. “A meeting of the Board of Directors of the company is scheduled at a short notice on July 4, 2016, inter alia, to review the progress of the divestment plans and other related matters,” Jaiprakash Associates said in a filing to the BSE on Saturday.
The company said the Joint lenders Forum meeting held to review the progress made so far on the Corrective Action Plan, approved by the lenders in January, 2015 has agreed for invocation of SDR taking June 28, 2016 as reference date, subject to approval of lenders.