Tata-owned Videsh Sanchar Nigam Limited (VSNL) has informed the Bombay Stock Exchange (BSE) that its board of directors has approved a proposal to apply/utilise an amount of Rs 956.41 crore out of the Securities Premium Account. This will be used to carry out the revision in the value of certain fixed assets of VSNL based on the useful life and carrying value of these assets. In a communique to BSE, VSNL has said that this would be subject to the decision becoming effective from the government directors in accordance with the Articles of Association of the company. Having received the affirmative confirmation of the government telephonically now, the decisions have become effective from March 5, 2004. For this purpose, an EGM of the shareholders will be held on April 2, 2004 to seek their approval.
