India’s Williamson Magor board postpones consideration of debentures

By Sarah Lizee

Olympia, Wash., Aug. 10 – Williamson Magor & Co. Ltd. notified the Bombay Stock Exchange that its board of directors at a meeting held Friday did not consider a previously announced proposal to offer secured redeemable non-convertible debentures.

An amendment to the Companies Act came into force on Tuesday, which requires no approval from board members for non-convertible debentures to be offered on a private placement basis that, together with existing borrowings, will not exceed a specified limit in the act, according to the notice.

The company said the board did not consider the proposal at this stage but may do so in the future if required.

Williamson Magor is a non-banking finance company in Kolkata.

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