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| Exchange Disseminated Time 13/02/2017 14:30:51 | Future Market Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 13, 2017 transacted and approved, interalia, the following:
- The Board resolved to revive infra logistic business of the Company. In this connection, the Board resolved to explore possibilities in development of land parcel acquired earlier through a joint venture arrangement at Jhajjar, Haryana and to acquire fresh land parcel at Nagpur so as to have a total warehouse space of app 1.5 million sq ft. In this connection the Committee of Directors was authorized to negotiate, finalize and execute the plan.
- The Board resolved to sell investments held by the Company in its wholly owned subsidiary viz. Naman Mall Management Company Private Limited (Naman), subject to the approval of Shareholders. Naman is owning a shopping centre at Indore, Madhya Pradesh and was acquired in June, 2016. However considering the delay in project implementation on account of various reasons, the Board resolved to exit from the project. The Company shall engage with potential buyers to complete the transaction. In this connection the Committee of Directors was authorized to finalize and execute the plan including obtaining approval of shareholders through postal ballot. |
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