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| Exchange Disseminated Time | Usha Martin Education & Solutions Ltd has informed BSE that the members of the Company will consider to approve the following Special Resolution by way of Postal Ballot :
1. Authority to the Board of Directors of the Company to sell, the whole of its undertaking, herein, the infrastructure at Ranchi in the State of Jharkhand, including attached structures thereof, if any, to Usha Breco Education Infrastructure Limited and to transfer all the teaching staff agreements, permits, consents and approvals including rights to use the brand “USHA MARTIN ACADEMY”, obtained by the Company with respect to running of the higher education business of the Company but excluding all other assets and liabilities, administrative staff and administrative functions related to the business, to Usha Martin Academy Trust , with effect from such date and for such consideration, whether in cash or other than cash as the Board may deem fit, arrived at on the basis of independent valuation of the Business by a Valuation professional or a firm of independent Valuer, to be suitably adjusted at the date of actual transfer.
The voting period end on the closing day of June 30, 2012. The scrutinizer, after completion of scrutiny, will submit his report to the Chairman of the Company. The results of the Postal Ballot will be declared by the Chairman or in his absence, by the whole-time Director of the Company or by the Company Secretary of the Company on July 02, 2012. |
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