|
| Exchange Disseminated Time | Viceroy Hotels Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following Resolution:
1. Hiving-off the Bangalore Project Divisions:-
To sell, transfer or otherwise dispose off the Company’s Undertaking comprising of 'Bangalore Project Division’ along with the employees as well as Assets and Liabilities pertaining / apportioned to the Division on ‘Slump Sale’ basis (as defined under the Income Tax Act, 1961) and on an as-is-where-is basis as ‘Going Concern’ to its Wholly Owned Subsidiary namely ‘Viceroy Bangalore Hotels Private Limited’ together with the all licenses, permits, consents and approvals whatsoever with effect from such date and such consideration in cash or kind as the Board may deem appropriate in the best interest of the Company, which would be received net of book value of liabilities transferred, on such terms and conditions as may be decided by the Board, and as incidental to the transfer, sale and disposal thereof subject to requisite approvals as may be required from the lenders and other authorities if any, with full power and authority to the Board to authorize the finalization and execution of all the necessary documents, agreements, deeds of assignment / conveyance and other documents and to do all such acts, deeds, matters and things as may be deemed necessary or expedient in their discretion to give effect to the said Resolution, subject to necessary provisions & approvals.
2. Borrowing Powers of the Board:-
- To borrow any sum or sums of monies already borrowed by the Company (apart from temporary loans obtained or to be obtained from the Company’s Bankers in the ordinary course of business) may exceed the aggregate of the paid up capital of the company and its free reserves, that is to say, reserves not set apart for any specific purpose provided that the total amount so borrowed shall not at any time exceed Rs. 1,200 Crores (Rupees One Thousand and Two Hundred Crores Only), subject to necessary provisions & approvals.
The Company has appointed Mrs. Shilpa Kotagiri, Practising Company Secretary as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer not later than the close of working hours on February 22, 2011. The result of the Postal Ballot should be announced by the Chairman, or in his absence by any other person authorized by the Chairman, on February 24, 2011. |
|
|