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| Exchange Disseminated Time | Ashok Leyland Ltd has informed BSE that the Board of Directors at its meeting held today (December 10, 2002) has approved a proposal to write off against the Share Premium Account of the Company as sum not exceeding Rs 1600 million representing Deferred Revenue Expenditure (primarily related to Voluntary Retirement Scheme Payouts) and diminution in value of some investments and fixed assets.
The above proposed to be written of in the books as on March 31, 2003, subject to various approvals including approval from Shareholders, Lenders and the Hon'ble Madras High Court. An Extraordinary General Meeting of the Shareholders of the Company is being convened on January 18, 2003 to seek their approval for the above.
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