TTSL begins restructuring its capital
TTSL has started restructuring its capital by writing off Rs 51.41 billion in losses and unabsorbed depreciation. The restructuring plan includes reducing Rs 19.67 billion from its share premium reserves on the balance sheet by writing off Rs 9.83 billion of book losses (through wiping out share premium) and Rs 9.83 billion of unabsorbed depreciation. In a simultaneous move, TTSL plans to halve its equity share capital from Rs 63.47 billion to Rs 31.73 billion, by reducing Rs 15.86 billion from its book losses and Rs 15.86 billion against unabsorbed depreciation. The restructuring, which was approved at a general meeting of shareholders in September 2008 and is pending approval from the Delhi High Court, will help the company achieve profitability faster. According to TTSL's profit and loss statement for fiscal year 2007-08, the company sustained losses of Rs 91.77 billion, including a carried forward loss of Rs 73.63 billion.
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