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| Exchange Disseminated Time | Commercial Engineers & Body Builders Co Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 17, 2013, has discussed and approved two proposals to sell non-core assets of the Company. The assets are being sold at the face value/fair price value (arrived at by independent professional)/negotiated price value, whichever is higher. In all cases, the sale value is higher than/equal to the face value.
The Board discussed and approved the following transactions:
1. Sale of shares as follows:
a. Sale of 120,000 shares of M/s. Tirupati Equipment Pvt. Ltd. at Face Value of INR 10/- each & having present FMV of INR (1.76) to Mr. Kailash Gupta and/or family/friends amounting to INR. 12,00,000/-.
b. Sale of 30,000 shares of M/s. Tirupati Services Pvt. Ltd. at Fair Market Value of INR 19.55 per share (Face value of INR 10/- each) to Mr. Kailash Gupta and/or family/friends amounting to INR. 586,500/-.
c. Sale of 62,920 shares of M/s. Kailash Motors Finance Pvt. Ltd. at Face Value of INR 100/- each & having present FMV of INR 64.59 per share to Mr. Kailash Gupta and/or family/friends amounting to INR 62,92,000/-.
d. The valuation was done by Mr. Anil Agarwal, Chartered Accountant
2. Sale of 6.05 acres of land in Bilaspur to M/s Shivam Motors Pvt. Ltd., a group company of Commercial Engineering & Body Builders Co Ltd. for a monetary consideration of INR 4.00 crores against the Fair Market Value of INR 3.02 crores. This is based on the valuation done by M/s. Rajeev Nuna & Associates - Chartered Engineers, Govt. Registered Valuers under Wealth Tax Act, Lender Engineers, Fellow Members- Institution of Valuers.
CEBBCO had purchased this land as investment and not for any commercial use and since the company is making a profit of INR 1.00 crore over the fair market value, the decision has been taken to sell the land.
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