Visaka Industries Ltd has informed that the Board of Directors of the Company at its meeting held on August 10, 2007, has accorded in principle approval for the proposal to sell the assets including land of the Garment Division of the Company, for such consideration and on such terms and conditions as the Board considers most beneficial to the Company.
The Board has also proposed amending the Memorandum of Association of the Company to incorporate a new Objects Clause reading as follows:
To manufacture and deal in Aerocon Sandwiched Panels / Aerated Autoclaved Concrete Blocks using Cement, Flyash, Expanded Polystrene Beads, Chemicals and mix of Silicaceous and Micaceous and such other material as is found technically suitable.
This amendment will enable the Company to carry on its business which under the present circumstances may conveniently or advantageously be combined with the existing business of the Company i.e. the setting up of the Sandwiched Aerocon Panel Unit, will help to absorb, part of the production from the Reinforced Building Board Unit of the Company, set up at Miryalguda, Andhra Pradesh. Moreover, most of the raw materials used in the manufacture of Asbestos Cement Sheets, Reinforced Building Boards and Sandwiched Aerocon Panels are common.
As per the Companies Act, 1956, consent of the shareholders is required to be obtained by means of a Ordinary Resolution for the Selling / Disposing Off the Garment Division of the Company and by means of a Special Resolution for the alteration of memorandum of association of the Company, to enable the Company for venturing into the business of manufacture of Sandwiched Aerocon Panels / Aerocon Blocks.
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