JK brings together all cement units

JK brings together all cement units
Published: 11 November 2004

In what is seen as the culmination of a successful attempt to rescue the JK North group (led by Gaur Hari Singhania), its flagship, JK Synthetics, has been demerged. All the cement units have now come under JK Cement Ltd. In a communication to the UP Stock Exchange, on which it is listed, the company has said as per the one-time-settlement scheme as approved by the Appellate Authority of Industrial and Financial Reconstruction (AAIFR) order of January 23, 2003, the dues of all the secured lenders have been paid in full out of the funds received from the demerger of the company’s erstwhile undertaking. Thus, the cement undertakings stand transferred to JK Cement Ltd with effect from November 4, 2004, and these will now be operated by JK Cement Ltd. The firm’s cement operations include the grey cement works in Nimbahera and Mangrol, Rajasthan, and the white cement works in Gotan, Rajasthan. The company further said the shareholders of JK Synthetics would be given one share of JK Cement for every 10 shares of JK Synthetics.