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| Exchange Disseminated Time 01/04/2016 15:01:09 | With reference to the earlier letter dated March 03, 2016, intimating the consent from the shareholders obtained through
postal ballot process, inter alia, to transfer equity shares representing 100% voting share capital of Cramlington Precision Forge Limited, United Kingdom (CPFL) and Sundram Fasteners (Zhejiang) Limited, China (SFZL) (wholly-owned subsidiaries of the Company) held by the Company to a new Company in the United Kingdom (UK), which would also be a wholly-owned subsidiary of the Company.
Sundram Fasteners Ltd
has now informed BSE that :
1. The new Company [Sundram International Limited (SIL)] has been formed. The Company has invested GBP 1,000 (GBP One Thousand Only) equivalent to INR 95,150.19 (Rupees Ninety Five Thousand One Hundred and Fifty and Nineteen Paise only) on March 31, 2016, towards initial capital contribution in SIL and has become the Company's wholly owned subsidiary Company.
2. As indicated in the postal ballot notice dated January 18, 2016, the Company has transferred its entire voting share capital (100%) of Cramlington Precision Forge Limited, United Kingdom and entire voting share capital (100%) of Sundram Fasteners (Zhejiang) Limited, China, on March 31, 2016 to SIL, UK. |
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