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| Exchange Disseminated Time | Indian Hume Pipe Company Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 28, 2012, inter alia, has transacted the following :
1. Accorded in-principal approval to the proposal of M/s. Dosti Realty Ltd., the Developers for development of Company's land at Wadala, Mumbai, which is fully encroached by slum dwellers, under Slum Rehabilitation Scheme, admeasuring about 8,558 sq. mtrs. (92,119 sq. ft. approx) in Phase I and 5,512 sq. mtrs. (59,331 sq.ft. approx) in Phase II subject to the necessary approvals. The proposed main terms are as under:
- M/s. Dosti Realty Ltd., the Developers to build SRA rehabilitation buildings and free sale buildings at their costs and risk on the Company's above land at Wadala, Mumbai combining therewith the neighbouring properties/plots.
- The Company will be entitled toget 2/3 BHK flats of salable area of 23,730 sq.ft. along with one car park space for each 2/3 BHK flats for Phase I development and salable area of 15,282 sq.ft. along with one car park space for each 2/3 BHK flats for Phase II development on ownership basis as a consideration for the above land on completion of the project.
- The development of Phase I is expected to be completed within 36 to 42 months on receipt of the Full Commencement Certificate, subject to force majure.
- Phase II development will be undertaken subsequently.
- Memorandum of Understanding with Dost Realty Ltd. is expected to be signed shortly.
2. Approved the appointment of Mr. Mayur R. Doshi as an Additional Director of the Company and designated him as Executive Director of the Company with effect from May 28, 2012 to March 31, 2016, subject to the approval of the Shareholders at the ensuing Annual General Meeting. |
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