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| Exchange Disseminated Time | Gangotri Textiles Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the Special Resolution relating to sell and transfer the Company’s undertaking comprising of
1. Weaving and Processing Unit together with all other facilities located at SIPCOT Industrial Growth Centre, Perundurai, Erode District referred to as Unit - B as a going concern.
2. Ring Spinning Unit together with all other facilities including the Furnace Oil Power Generation Plant situated at Pushpathur, Udumalpet Taluk referred to as Units- 4 and Unit - 9 as a going concern.
3. Vacant Land admeasuring 25.03 acres situated at Sullakkal Village, Pollachi Taluk.
4. Vacant Land admeasuring 26.49 ½ acres situated at Munduvelampatty Village, Dharapuram Taluk.
5. Vacant Land admeasuring 1.62 acres situated at Kalappatty Village, Coimbatore
on such terms and conditions and in such form and such manner as the Board of Directors of the Company may decide in the interest of the Company, so however, that the consideration receive for the said sale as mentioned in item 1 to 5 above all put together is not less than Rs.201 crores ( Rupees two hundred and one crores only) with full power and authority to the Board of Directors to do all such acts and things as may be necessary to implement this Resolution, subject to necessary provisions & approvals.
The Board of Directors has appointed Mr. K Raghu, B.com. FCA, FCS as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer not later than the close of working hours in March 23, 2011. Upon completion of the security of forms, the Scrutinizer will submit his report to the Managing Director the result of the postal ballot, which will be announced by the Managing Director of the Company on March 25, 2011. |
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