|Prashant India Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on November 20, 2010, inter alia, to consider the following business:
1. To authorize Mr. P. M. Gondalia, Managing Director to negotiate and finalize One Time Settlement with State Bank of India.
2. To authorized Mr. P. M. Gondalia Managing Director to appoint advocate and do all other things to defend the suit filed by BHEL against the Company.
The Company is negotiating with State Bank of India for one time settlement of dues and if necessary the debt of State Bank of India shall be assigned to any other entity financing the settlement.