|
| Exchange Disseminated Time | Cineline India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 30, 2016, pursuant to the approval of the Audit Committee and subject to approval of the members of the Company, hereby approves to enter into contracts or arrangement with Kanakia Spaces Realty Private Limited being a related party for buying of commercial property admeasuring 50,002 Sq. Ft. carpet area in the Commercial Property known as "Kanakia Wall Street" situated at Village Chakala Andheri Kurla Road, Andheri (East), Mumbai 400 093, for Rs. 144.66 Crores (Rupees One Hundred Forty Four Crore Sixty Six Lakhs), subject to approval of Members pursuant to Section 188 of the Companies Act, 2013 read with the Companies (Meeting of Board and its Powers) Rules, 2014 and Regulation 23 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.
The proposed transaction is approved by the Board and put up for approval of the Members of the Company by means of conducting Postal Ballot and is in ordinary course of business and at arm's length. |
|
|