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| Exchange Disseminated Time | STL Global Ltd has informed BSE the Board of Directors of the Company at its meeting held on February 18, 2009, inter alia, has transacted the following:
1. The Board of Directors after a long discussion concluded that the Yarn Dyeing section of the Company which contributes less than 2% of the total turnover of the Company and the order & global recessional market scenario is not attracting the Yarn Dyeing product, hence it is in the larger interest of the Company to stop down the operations of the Yarn Dyeing section. And it is also discussed that stopping the operations of Yarn Dyeing section shall not effect the turnover of the Company.
2. The board of directors has discussed that some of the machines of the Company become off-let, in this regard Board of directors have decided that advice of an independent professional is to be obtained regarding the workability of the machines so described. After satisfying the same the management can dispose off the same machine on a competitive price duly approved by an Independent committee appointed for this purpose consisting of the following:
a) Mr. F C Gupta (Independent Director)- Chairman
b) Mr. J F Aggarwal (Chairman & Managing Director)- Member
c)Mr. Vinod Singh (Chief Engineer of the Company)- Member
3. Looking at the current Global economic Recessional scenario the board discussed and approved some amendments to the original Collaboration Agreement with M/s. RPS Infrastructure Ltd as recommended by the Monitoring Committee constituted by the board for monitoring of IT Park Project. Following are the highlights of amendments:
Instead of paying the balance advance amount of Rs 18 Crores on possession the RPS Infrastructure Ltd will arrange the funds from sale proceeds in three equal installments of Rs 6 Crore each in the month of February, March & April 2010. And in case sale of constructed area could not be effected by February, March & April 2010, then. RPS Infrastructure will arrange the funds from their own so and beyond that they will bear the interest burden.
Apart from above amendments all other terms and conditions of the original agreement will remain the same and will be binding on both the parties. |
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