(FE)
Swan Energy Limited announced that it has received the formal handover of management control of Reliance Naval and Engineering Limited (RNEL) from the National Company Law Tribunal (NCLT)-appointed Monitoring Committee. “The Monitoring Committee has handed over the management control with the approval of all the Committee of Creditors members and the committee now stands dissolved with effect from January 4, 2024,” the company said in a statement.
Swan Energy has set up the board with its Managing Director Nikhil Merchant, Executive Director Paresh Merchant and Bhavik Merchant and Vivek Merchant, among others, as members. SEL will finalise plans to put in place a top management structure to oversee operations. Swan Energy board has recently approved the proposal to raise up to Rs 4000 crore through issuance of instruments or security including equity shares or one or more public and/or private offerings including on a preferential allotment basis and/or a qualified institutions placement and/or rights issue and/or further public offering. It has also made a prepayment of Rs 300 crore debt for its Floating Storage and Regasification Unit (FSRU) Project.
