Pokarna Ltd has informed that the Board of Directors of the Company at its meeting held on September 15, 2008, inter alia, has transacted the following:
1. Approved acquisition of 100% paid up capital of Pokarna Engineered Stone Ltd and thereby making it a wholly owned subsidiary of the Company.
2. Transfer of Engineered Stone division, situate at Andhra Pradesh Special Economic Zone, Plot no. 45, Achutapuram & Rambili Mandals, Visakapatnam District, Andhra Pradesh to Pokarna Engineered Stone Ltd, wholly-owned subsidiary of the Company, by way of Court sanctioned scheme of arrangement under Sections 391-394 of the Companies Act, 1956 (Scheme of Arrangement).
3. In principally approved the draft Scheme of Arrangement between the Company and Pokarna Engineered Stone Ltd and have authorised Business Restructuring Committee to finalise the Scheme in consultation with the Advisors of the Company
1. Approved acquisition of 100% paid up capital of Pokarna Engineered Stone Ltd and thereby making it a wholly owned subsidiary of the Company.
2. Transfer of Engineered Stone division, situate at Andhra Pradesh Special Economic Zone, Plot no. 45, Achutapuram & Rambili Mandals, Visakapatnam District, Andhra Pradesh to Pokarna Engineered Stone Ltd, wholly-owned subsidiary of the Company, by way of Court sanctioned scheme of arrangement under Sections 391-394 of the Companies Act, 1956 (Scheme of Arrangement).
3. In principally approved the draft Scheme of Arrangement between the Company and Pokarna Engineered Stone Ltd and have authorised Business Restructuring Committee to finalise the Scheme in consultation with the Advisors of the Company
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