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| Exchange Disseminated Time 12/04/2016 13:49:26 | Binny Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 12, 2016, has transacted the following business:
1. Considered and Approved the Proposal of the Company to sell its land to an extent of 7.38 acres situated at Cooks Road, Perambur, Chennai, subject to the approval of the Shareholders u/s 180(1)(a) of the Companies Act, 2013, through postal ballot and authorised Shri M.Nandagopal, Executive Chairman and Shri Arvind Nandagopal, Managing Director of the company jointly to finalise the sale on such price to such party offering the highest price on such terms and conditions as it deem fit and proper and in the interest of the Shareholders.
2. The Board took on record the approval of the Shareholders u/s 180(1)(a) and 186 of the Companies Act, 2013, obtained through Postal Ballot on April 04, 2016, for execution of mortgage directly by the Company in favour of M/s.ECL Finance Limited, Mumbai/the Trustees appointed by them in this behalf on the property of 14.06 acres of land located at Perambur Barracks Road, Chennai, which is under sale to M/s.KLP Projects Private Limited, Chennai (formerly known as M/s. Landmark Barracks Projects Private Limited), for a total loan facility of Rs.300 crores being extended by M/s.ECL Finance Limited to M/s.KLP Projects Private Limited. (The said proposal was approved by the Board in the Board Meeting held on February 17, 2016, subject to the approval of the shareholders u/s 180(1) (a) and 186 of the Companies Act, 2013 through Postal Ballot.) |
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