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| Exchange Disseminated Time | BPL Ltd has informed BSE that the members of the Company, will consider to approve, by way of Postal Ballot, the following ordinary / special resolutions:
1. To sell / transfer the Printed Circuit Board Business of manufacture and sale of Single Sided Bare-board Printed Circuit Boards (including machinery, licenses, registrations and permits and permanent employees) as a going concern net of certain receivables and liabilities as may be mutually agreed upon, along with certain specified plant & machinery and employees, but excluding land and other immovable Assets to the proposed Joint Venture Company with CIPSA-RIC India Pvt Ltd, for a consideration equivalent to Rs 2,75,00,000/- and for lease of certain specified plant and machinery and immovable assets consisting primarily of Land, Buildings and all Civil Works (comprising around 2 Acres of land and around 3800 Square Meters of Building & Civil Works built-up area at a monthly consideration of Rs 7 lakhs for a period of 60 months from a date to be agreed, extendable for a further period of two years on mutually agreeable terms, subject to necessary approvals and on such terms and conditions as the Board of Directors or a Committee of Directors, to be appointed for the purpose with power to finalise and execute necessary documents including agreements, deeds of assignments / conveyance and other documents from time to time, and with effect from such date as the Board / Committee of Directors of the Company may decide and to do all such acts, deeds, matters and things as may be deemed necessary and / or expedient in their discretion for completion of the sale, lease, transfer or otherwise of the Printed Circuit Board Business.
2. To invest by way of subscription, purchase or otherwise, in the equity share capital of the Joint Venture Company for Printed Circuit Board Business i.e. CIPSA-BPL Monocara Pvt Ltd upto a sum not exceeding Rs 2.75 Crores notwithstanding that the aggregate of the investments so far made, securities provided, loans / guarantees so far given by the Company along with the proposed investment exceed the limit as specified under Sub-section (1) of Section 372A of the Companies Act, 1956, subject to necessary provisions & approvals.
3. To offer, issue, and allot in one or more tranche(s) through a preferential allotment and / or private placement basis exclusively to Electro Investment Pvt Ltd, up to 15,00,000 equity shares of Rs 10/- each at a premium to be determined in accordance with SEBI (Disclosure and Investor Protection) Guidelines for Preferential Issues and on such terms and conditions as the Board of Directors in its absolute discretion may deem fit and that the Board be and is hereby authorized to finalise all matters incidental thereto, as it may in its absolute discretion think fit, in accordance with all applicable laws, rules and regulations for the time being in force, subject to necessary provisions & approvals.
The Company has appointed Mr. K T Vijayakrishna, Practising Company Secretary, as the Scrutinizer for conducting the Postal Ballot process in a fair & transparent manner.
The Postal Ballot forms duly completed should reach the Scrutinizer on or before May 14, 2007. The Scrutinizer will submit his report to the Chairman after Completion of the scrutiny and the Chairman will announce the results of the Postal ballot on May 21, 2007. |
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