New Delhi: Jaiprakash Associates has sought shareholders’ approval to give up to Rs 40,000 crore in guarantees against debt for joint ventures or associate firms.
The new limit will be higher by Rs 5,000 crore.
“It is proposed to take a general approval of shareholders of the company to give any loan/guarantee or to provide security in connection with a loan to acquire (by way of subscription, purchase or otherwise) the securities of any subsidiary/joint venture/associate company of the company or to any person to the extent of maximum of Rs 40,000 crore as against the present limit of Rs 35,000 crore…,” the company said in a notice to shareholders ahead of the Annual General Meeting.
Jaiprakash Associates has business interest in areas like real estate, cement and hospitality among others.
The Justice Chandrashekhar Dharmadhikari committee was set up by the government in 2010.
It consists of senior women political leaders, social activists as well as bureaucrats.
The court was hearing a suo moto (on its own) public interest litigation (PIL) based on newspaper reports and another PIL filed by the NGO ‘Help Mumbai Foundation’ about women’s safety on suburban trains.
The PILs argue that the Maharashtra government has not yet decided the course of action on recommendations made by the Dharmadhikari committee.