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| Exchange Received Time 12/05/2017 19:03:13 Exchange Disseminated Time 12/05/2017 19:03:18 Time Taken 00:00:05 | | Dear Sir/Madam, With reference to above subject, we have to inform that company has been able to conclude the deal of sale of its Surat property named TGB Hotels for Rs. 160Cr. (Rupees One Hundred Sixty Crores only) + all expenses towards registration, stamp duty, legal fees and others, will be borne by the buyer. The proceeds have been utilized to repay the bank loans of the company. The Company has become debt free on account of the said repayment. The company will continue to run the said property on lease rent basis under the brand TGB Surat. In this regard, approval of shareholders was obtained u/s. 180(1)(a) of the Companies Act, 2013 on 18th June, 2015 for such sell of part of the undertaking. You are requested to update records accordingly. Thanking You, For, TGB Banquets and Hotels limited |
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