|
| Exchange Disseminated Time | Vinyl Chemicals India Ltd has informed BSE that following continuing losses for 5 consecutive quarters, the Board of Directors appointed a Committee of the Board for a long term review of the Company's operations etc. which Committee has, with the assurance of support by Pidilite Industries Ltd (PIL), the principal promoter of the Company, recommended to the Board of Directors of the Company that the Company's manufacturing unit at Mahad be demerged into PIL, as from April 01, 2007, PIL being the principal buyer of the Company's product (VAM) being manufactured at Mahad.
This recommendation is to be considered by the Board of Directors of this Company as also of PIL at their respective meetings convened on March 21, 2007. In the event, at the foregoing meetings, the respective Boards agree to the foregoing recommendation for demerger, the same will he processed under Section 391 and 394 of the Companies Act, 1956 which, inter alia, require the approval of the Shareholders as also the High Court at Mumbai in compliance with the provisions of the foregoing sections of the Companies Act, 1956. |
|
|