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| Exchange Disseminated Time | With reference to the earlier announcement dated March 02, 2012, regarding Outcome of Board Meeting held on March 02, 2012, wherein it was decided to consider acquisition of M/s Goodyield Farming Limited in the interests of the Company and to build the strength of the Company.
Onelife Capital Advisors Ltd has now informed BSE that board considered a proposal for acquisition of M/s Goodyield Farming Limited engaged in agriculture and related business activities, in its meeting dated March 02, 2012. To examine this proposal in detail, a committee of the Board was constituted. This committee, as part of deliberations, sought Legal opinion in the matter from Shri Amar Desai, Advocate. His legal opinion; after reviewing the proposal, stated that pursuant to SEBI rules and regulations, Merchant Bankers Regulation 1992 and Companies Act, 1956, Onelife Capital Advisors Limited to refrain from the transaction.
Committee after considering the legal opinion decided to recommend to the Board the legal advice for compliance. The Board, after discussion, decided to accept the recommendation of the committee and decided to drop the proposal for the acquisition. |
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