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| Exchange Disseminated Time | Tube Investments of India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 18, 2014, approved the investment of Rs.17.50 crores, at par, in the equity share capital of M/s. Tl Tsubamex Private Limited (TI Tsubamex), the Company's Indian joint venture with M/s. Tsubamex Company Limited, Japan to enable Tl Tsubamex to establish a Die manufacturing facility in India. The proposed investment is subject to the approval of Shareholders under Section 186 of the Companies Act, 2013.
The Board of Directors also authorised the Postal Ballot process under Section 110 of the Companies Act, 2013 read with Rule 22 of the Companies (Management and Administration) Rules, 2014, for the proposed investment.
Further the Company will be seeking shareholders approval shortly, through a postal ballot, for the passing of necessary Special Resolution for the proposed investment. |
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