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| Exchange Disseminated Time 12/02/2016 19:50:35 | Jagsonpal Pharmaceuticals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 12, 2016, inter alia, has transacted the following:
Managing Director informed the Board that pursuant to board meeting dated January 25, 2016, he has entered into an agreement with a party relating to disposing of fixed assets of Pantnagar plant by way of sale on February 12, 2016.
Further the Company informed that the said party is a related party to Chairman & Managing Director as he holds substantial interest but as minority shareholder in that Company.
After informing Board he abstained from further discussion and Audit Committee Chairman took the chair and a brief synopsis of the transaction was placed before table by Mr. Govind Deo, Chairman.
The board acknowledged & ratified the agreement dated February 12, 2016 regarding disposing of assets of Pantnagar Plant of the Company and a resolution was passed to call and convene Board Meeting on February 17, 2016 for the further compliance of formalities to execute and implement the agreement. |
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