|
| Exchange Disseminated Time 30/05/2016 22:01:28 | Anant Raj Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2016, which commenced at 3:30 P.M and concluded at 6:45 P.M, inter alia, has transacted the following;
1. Scheme of Arrangement:
The Board discussed to realign and reorganize certain business activities of the Company to have better focus and faster execution of projects.
Over a period, the Company has executed several projects either directly or through its subsidiaries/SPVs and presently there are very large numbers of projects (on going, upcoming and completed) at various locations. In this background, assessing the opportunities and risk, the Board believes that such a restructuring which may involve a de-merger/ hive off/ spin off of certain projects will enable the company to carry out the business activities with greater focus and attention. Further this will enable the Company to follow and adopt the varied business strategies to maximize the value for shareholders.
The Board has constituted a Committee comprised of Mr. Amit Sarin ( Director & CEO), Mr. Maneesh Gupta (Director) & Mr. Amar Sarin-Chief Operating Officer (COO) to examine all relevant aspects of the process of this internal re-organisation and make suitable recommendations to the Board.
Further, the Board, in terms of the Company’s Code of Conduct for Prevention of Insider Trading, has decided to close the Trading Window for dealing in the securities of the Company for the designated persons & employees (as defined in the Code) including Directors, Promoters. The trading window shall remain closed from May 30, 2016 till 48 hours from the date of the approval of scheme of arrangement by the Board of Directors.
2. Approved the incorporation of a wholly owned subsidiary company in the name of ‘Anant Raj Global Limited’ or such other name as may be approved by the Registrar of Companies. NCT of Delhi & Haryana.
3. Further it has been decided that the Company, during the financial year 2016-2017, shall additionally submit to the Stock Exchanges, the quarterly/year to date consolidated financial results alongwith standalone financial results. |
|
|