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| Exchange Disseminated Time | TVS Electronics Ltd has informed BSE that the members of the Company, by way of Postal Ballot, have passed the following resolutions, with requisite majority:
1. Authority to the Board of Directors of the Company to sell, lease or otherwise dispose of ("Transfer") the Contract Manufacturing Services Business of the Company at Pandithanahalli, Tumkur (CMS Business) to Incap Corporation, Finland, for such consideration, not lower than the net book value of the assets of the CMS Business, in such manner and with effect from such date as may be decided by the Board of Directors (which shall include a Committee of Directors constituted for this purpose) of the Company, Subject to necessary provisions & approvals.
2. Authority to the Board of Directors of the Company to sell, lease or otherwise dispose of ("Transfer") the Contract Customer Support Services business (CCS Business) of the Company to a Wholly Owned Subsidiary of the Company for such consideration, not lower than the net book value of the assets of CCS Business in such manner and with effect from such date as may be decided by the Board of Directors (which shall include a Committee of Directors that may be constituted for this purpose) of the Company, Subject to necessary provisions & approvals. |
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