ICICI Bank Ltd, which was the top lender to Hindustan Motors Ltd, will now be able to transfer the “non-transferable” debentures it got as part of the final settlement of debt last year.

Shareholders of Hindustan Motors on Friday approved the specific request from the bank at the company’s AGM here. ICICI Bank was the major recipient of 20.53 crore 10.5 per cent non-convertible debentures allotted by BIFR-referred Hindustan Motors in June 2014 as a part of the settlement of restructured debt.

Other debenture holders of Hindustan Motors, such as IDBI Bank Ltd, IFCI Ltd, LIC, UCO Bank, Bank of India, United Bank of India, State Bank of India and Bank of Baroda, can also transfer their share of the instruments too. According to the Hindustan Motors management, the company had also issued 2.39 crore equities at a price of ₹4.44 crore (face value ₹5) a share as the other part of the settlement to exit the CDR obligations.

Currently, the 32.34 per cent CK Birla Group owned company’s plant in Uttarpara in West Bengal continued to be under suspension of work and the plant at Pithampur in Madhya Pradesh remained under lay-off. According to company sources, the Pithampur plant is not operational from December 4 last year due to lack of orders.

The company further said that some 1061 employees of the Uttarpara plant were “separated” through “lump sum” payment since the suspension of work in May 2014.

However, during 2014-15, the company made revenue of ₹16.95 crore by selling 217 automobile and made a net loss of ₹41.90 crore. The company’s stock closed up over 2 per cent at ₹8.48 on BSE.

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