Vishal Retail today said its shareholders had approved changing the company’s name to V2 Retail and also its plan to enter real estate business.
The company submitted a report on a postal ballot seeking shareholders’ approval the name change and entry into real estate to the Bombay Stock Exchange and said special resolutions were being passed for the same.
Last month Vishal Retail had said it planned to change its name to ‘V2 Retail’ and also enter into real estate business for which it had sought shareholders’ approval.
In March this year, Vishal Retail had announced sale of its retail business to the Sriram Group company, Airplaza Retail Holdings and the wholesale business to private equity firm TPG Wholesale for a total consideration of Rs 70 crore.
In 2009, Vishal Retail got into financial trouble and piled up debt of around Rs 730 crore. It was forced into a corporate debt restructuring (CDR) programme.
The company has also passed ordinary resolutions for appointment of Dharm Nath Prasad and Rahul as independent directors.
Source : Business Standard
