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| Exchange Disseminated Time | BF Utilities Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the special resolution to the Board Directors of the Company to create security by way of charge, hypothecation, mortgage on the Company's assets as under-
1. First charge on the entire immoveable properties of the 18.33 MW wind farm project, both present and future.
2. First hypothecation charge on all the moveable, including moveable plant and machinery, machinery spares, tools and accessories, furniture, fixtures, vehicles and all other moveable assets of the 18.33 MW wind farm project, both present and future.
3. First charge and escrow of all project cash flows, book debts, receivables, commissions and any other revenues of whatsoever nature and wherever arising from the 18.33 MW wind farm, present and future.
to secure an amount not exceeding Rs. 30 Crores in connection with the term loan facility of Rs. 73.50 Crores granted by Axis Bank Ltd. to Nandi Highway Developers Ltd., notwithstanding the aggregate of the loans and investments so far made, the amount for which guarantee or security so far provided to or in all other bodies corporate, along with the guarantee/s or security proposed to be made or given exceeds sixty percent of Company's paid up share capital and free reserves, or one hundred percent of Company's free reserves, whichever is more.
The Company has appointed Mr. S. V. Deulkar, Practicing Company Secretary, as the Scrutinizer for conducting the Postal Ballot voting process in a fair and transparent manner.
Duly completed Postal Ballot form should reach the Company not later than the close of working hours on August 02, 2010. The Scrutinizer will submit his report to the Chairman after completion of scrutiny of Postal Ballot forms. The results of the Postal Ballot will declared by the Chairman or Company Secretary of the Company on August 07, 2010. |
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