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| Exchange Disseminated Time | AuSom Enterprise Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 09, 2015, has decided to establish a Gold Refinery at Haridwar and for the purpose to take necessary steps.
As a first step to proceed in the direction to establish the said refinery, the Board also decided to enter into a Lease Agreement with MR. ASHISH GUPTA, Prop. Siddhi Vinayak Industries, Haridwar, for using his premises for the purpose of manufacturing of Gold Bars and Silver.
Further to above, the main line of business of the Company is trading bullions, etc. As a diversification, the Company decided to enter into new line of business activity i.e. manufacturing of Gold Bars and Silver. This activity is in addition to the present line of activity.
The information required to be disclosed in compliance of SHBI Circular dated September 09, 2015 are;
a. Industry or are to which the new line of business belongs to:-
The Company intent to start new line of business in the field of manufacturing of Gold Bars and Silver.
Present clause 1 of main object of MOA empowers to carry out such line of business.
b. Expected Benefits
Considering the present demand of Gold and Silver in India, the Board is of the view that this new line of business activity will definitely increase the revenue as well as profit of the Company substantially as a result the stakeholders of the Company will have benefit to the same.
The net worth of the Company will also improve and this will result into increase in E.P.S. of company.
The shareholders will start getting return on their investment.
c. Estimate amount to be Invested:-
The total investment in new line of activity would be approx. Rs. 3.00 Cr. The said fund will be infused partly through present activity and balance if any shall be brought in by directors as unsecured Loan.
Considering this new line of activity, Board of Directors of the company formed an opinion that the said information being material in nature, the same be informed / disclosed to the stock exchange in due course of time.
This intimation be consider the compliance of Regulations 30 of LODR.
Further update in respect of installation of Plant and Machinery, commencement of commercial production etc. will be informed in due course of time. |
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