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| Exchange Disseminated Time | STL Global Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 27, 2011, inter alia, has discussed and approved the passing of following matters by way of Postal Ballot:
1. Passing of resolution under section 293(1)(a) of the Como Act 1956, for disposal of 'Land & building' and 'Plant & Machinery' of Unit No.2 & the Company situated at plot No.4 Sector-6, Faridabad Haryana in accordance with the restructuring package approved by CDR cell. The board discussed the matter, as the Company has already stopped the operations of the Woven Process division (Unit No.2 of the Company situated at plot No.4, Sector-6, Faridabad Haryana) and the Restructuring Package has already been approved by the CDR Cell, hence the compliance of the approval of CDR Cell package, the 'Land & building' and 'Plant & Machinery' of Unit No. 2 of tile Company situated at plot No 4, Sector-6, Faridabad Haryana is to be disposed-off to pay the Term Loans of the Company.
2. Passing of resolution for change of objects of the Company in order to take on record and receive the income from IT- Park project in collaboration with RPS Infrastructure Ltd.
3. Passing of resolution under section 293(1)(a) of the Companies Act 1956 for allowing the use of land as per the Collaboration Agreement between RRS Infrastructure Ltd and STL Global Ltd for development of Company’s land situated at 12/6, Mile Stones, Mathura Road, Sarai Khawaja, Faridabad Haryana as an IT Park. |
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