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| Exchange Disseminated Time 27/12/2016 19:31:10 | BLB Ltd has informed BSE that the meeting of the Board of Directors of the Company was held on December 27, 2016, commenced at 04:00 pm and concluded at 7.15 pm and the Board, inter-alia, had considered and decided the following businesses:
1. Realignment and Restructuring of the Company and its four wholly owned subsidiaries, namely, BLB Commodities Limited, BLB Global Business Limited, Caprise Commodities Limited and Sri Sharadamba Properties Limited. It was considered that Company is carrying various businesses including, financial & capital market, commodities market and real estate, directly or through these four subsidiaries. But over the period, there has been various overlaps and duplicity in businesses within the group. Similarly, there have been substantial changes in the business dynamics over the period which requires a comprehensive analysis and review of the business models for long terms benefits of all the stake holders.
2. Considering the overall realignment and restructuring of the Company and its subsidiaries, it is decided to:
a. To withdraw the Scheme of Merger and Amalgamation of M/s Manu Properties Pvt. Ltd. with the Company.
b. Withdrawal of Voluntary Delisting application filled with BSE Limited.
Further, the detailed disclosure under Reg. 30 of SEBI (Listing Obligation & Disclosure Requirements) Regulations, 2015, regarding realignment and restructuring of the Company and its four wholly owned subsidiaries will be submitted on consideration and approval of the Scheme by the Board. |
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