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| Exchange Disseminated Time | Gulf Oil Corporation Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 08, 2014, inter alia, has transacted the following:
1. Re-appointed Mr. S. Pramanik, as the Managing Director of the Company for a further period of 3 years effective from July 08, 2014.
2. Took note of the certified copy of the Order of the Hon’ble High Court of Andhra Pradesh sanctioning the Scheme of Arrangement (Scheme) between the Company and Gulf Oil Lubricants India Limited (GOLIL), a wholly owned subsidiary of the Company, for demerger and transfer of the Lubricants Division of the Company to GOLIL.
The Board has decided to implement the Scheme on receipt of the certified Order of the High Court and authorized a special committee of Directors to undertake all necessary steps for implementing the Scheme, including but not limited to the announcement of the Record Date for allotment of shares of the Company/Transferee Company to the Shareholders of the Company. |
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