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| Exchange Disseminated Time | Polson Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 17, 2015, has following business was considered:
1. As per the recommendation and approval received from the Audit Committee, the Board has considered and approved the transfer, subject to approval of the shareholders in accordance with law, of all of the equity shares (1010 Equity shares of Rs. 100/- each) held in wholly owned subsidiary M/s. Dudhwala Builders Private Limited at a price of Rs. 47,631.31/- per share aggregating to Rs. 4,81,07,623/- to a related party M/s. Oriental Pharmaceuticals Industries Limited, a related party.
2. Transfer of 0% 418 Un-secured Compulsory Convertible Non Redeemable Debentures of Rs. 1,00,000/- per debenture aggregating to Rs. 4,18,00,000/- at a price of Rs. 4,18,00,000/- to a related party M/s. Oriental Pharmaceuticals Industries Limited, a related party.
3. Takeover of un-secured loans of Rs. 19,95,29,084/- held by the Company in its wholly owned subsidiary, M/s. Dudhwala Builders Private Limited, to a related party M/s. Oriental Pharmaceuticals Industries Limited, a related party.
4. The Board of Directors has approved postal ballot notice pursuant to section 110 of the Companies Act, 2013 and the Explanatory Statement under section 102 of the Act, seeking approval of the members for the proposed related party transactions, as described in paragraph number 1 to 3 above, pursuant to the provisions of Section 188 of the Companies Act, 2013, relevant rules there under, Clause 49 of the Listing Agreement and other applicable provisions.
5. In compliance with Clause 35b of the Listing Agreement and section 110 of the Companies Act, 2013, the Board has appointed Central Depositories Services (India) Limited CDSL to provide e-Voting facility to its members holding shares in demat form and in physical form to vote on the postal ballot by way of electronic voting facility to enable members to cast their vote electronically.
6. The Board is in process of other due compliances of Sections 110 and 188 of the Companies Act, 2013, and other applicable provisions. |
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