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| Exchange Disseminated Time 10/02/2016 15:15:41 | Binny Ltd has informed BSE that the Board of Directors of the Company at is meeting held on February 10, 2016, inter alia, has transacted the following business:
1. Considered and Approved the Proposal to Sell or enter into a Joint Development Agreement (JDA) for development of Company’s land to an extent of 3.2 acres situated at Stephenson Road, Vyasarpadi, Chennai, subject to the approval of the Shareholders through postal ballot u/s 110 of the Companies Act, 2013 and to authorise Shri M.Nandagopal, Executive Chairman and Shri. Arvind Nandagopal, Managing Director of the Company jointly to finalise the sale on such price to such party offering the highest price or to enter into a Joint Development Agreement (JDA) on such terms and conditions as it deem fit and proper and in the interest of the Shareholders.
2. Considered and Approved the proposal of the Company to enter into an agreement with M/s. Mohan Breweries and Distilleries Limited (MBDL), a Company under the same management, for purchase of 12.43 acres of land being owned by them, subject to the approval of the Shareholders through Postal Ballot, by way of Ordinary resolution u/s 188 of the Companies Act, 2013 and Regulation 23 of SEBl (Listing Obligations and Disclosure Requirements) Regulations, 2015. |
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