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| Exchange Disseminated Time 18/05/2016 19:13:08 | Balkrishna Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 18, 2016, inter alia, took following decisions :
1. The Board of Directors did not recommend any final dividend on the equity shares and the interim dividend declared by them at their meeting held on March 09, 2016 is the dividend on the equity shares of the Company for the financial year ended March 31, 2016.
2.The Board has approved re-appointment of Shri Arvind M Poddar as Chairman & Managing Director of the Company for a period of 5 years w.e.f. August 01, 2016 to July 31, 2021 and payment of remuneration to him.
3. Balkrishna Industries Limited had informed BSE that the Company at its meeting of Board of Directors held on February 13, 2016 approved a proposal of amalgamation of its wholly owned subsidiary company viz M/s. BKT Exim Limited in to itself. In relation to tie same, the Company had authorised some Directors / officers of the Company to obtain professional advice for the same.
The Board of Directors of the Company, on May 18, 2016, have approved the Scheme of Amalgamation of its wholly owned subsidiary company M/s. BKT Exim Limited ("Transferor Company") in to itself under sections 391 to 394 and any other applicable provisions of the Companies Act, 1956 and Companies Act, 2013, to the extent notified and applicable ("the Scheme").
The Appointed Date for the amalgamation shall be April 01, 2015. As per the Scheme, no shares are proposed to be issued pursuant to the aforesaid amalgamation, since the Transferor Company Ls a wholly-owned subsidiary of the Company.
The Scheme is subject to requisite consent of the Hon'ble High Court of Judicature at Bombay, the permission or approval of the Stock Exchanges or any other statutory or regulatory authorities or institution(s), which by law may be necessary for the implementation of the Scheme.
The Company has appointed BSE Limited as the Designated Stock Exchange for the purpose of coordinating with SEBI with regards to the Scheme.
The meeting of the Board of Directors commenced at 5:00 p.m. and concluded at 6: 50 p.m. |
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