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| Exchange Disseminated Time | Viceroy Hotels Ltd has informed BSE that the Board of Directors of the Company has passed Resolutions by Circular on March 22, 2011, for approval of the following items:
1. Execution of assignment deeds between the Company, Viceroy Bangalore Hotels Pvt. Ltd. (VBHPL) Ltd and the owners of the land on which the Bangalore Project is implemented for assignment of the lease pursuant to hiving-off the 'Bangalore Project Division' to VBHPL.
2. To take note of the revised terms of the proposed investment by JPMorgan India Property Mauritius Company II in VBHPL and approve the draft Supplemental Agreement to be executed with VBHPL and JP Morgan India Property Mauritius Company II inter alia amending the terms of the Share Subscription Agreement and the Shareholders' Agreement dated April 13, 2010. According to revised terms of such proposed investment VBHPL will cease to be a subsidiary of the Company. Further, the investment under the Supplemental Agreement is proposed to be made immediately pursuant to the transfer of the Bangalore Project Division to VBHPL. |
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