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| Exchange Disseminated Time | India Glycols Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 18, 2014, have with the objective of better organization and management of different businesses of the Company, approved the proposal to segregate the rental business of the Company from its manufacturing business, subject to the approval of the shareholders.
The Board has approved the segregation of the rental business comprising of land and building thereon situated at plot no. 2-B sector 126, NOIDA and related assets and liabilities ('Rental Business') through a slump sale on a going concern basis.
The said segregation of the rental business is proposed to be achieved by transfer of the aforesaid Rental Business to a wholly owned subsidiary of the Company, namely, IGL Infrastructure Private Limited, which is primarily in the business of acquiring by purchase, lease, exchange, hire or otherwise hold, manage, work, develop the resources of land, estates, buildings, tenements and other property of every description whether freehold or leasehold or other tenure, through a Slump Sale on a going concern basis for a lumpsum consideration of Rs. 184.20 crores being its enterprise value, subject to such adjustment for change in net asset value excluding cash and debt without values being assigned to individual assets and liabilities.
Further, pursuant to the provisions of Section 180 (1)(a), 188 and 110 of the Companies Act 2013 read with Rules, the consent of the members for the above purpose is sought to be obtained by way of Postal Ballot / E-Voting ('Postal Ballot'), notice of the same shall be sent to you alongwith a Postal Ballot Form (the "Form") for your information as and when the same will be dispatched to the Shareholders. The Company has appointed Mr. Ashish Saxena, FCS, Practicing Company Secretary as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner. |
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