|
| Exchange Disseminated Time | Viceroy Hotels Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following ordinary resolution:
1. The Board of Directors of the Company (the ‘Board’) to sell, transfer, assign or otherwise dispose-off the ‘Chennai Project Division’ comprising the ‘Chennai Hotel Project’ and the ‘Chennai Residential Project’ to ‘Mahal Hotel Private Ltd' and ‘Esteem Housing Developers Private Ltd’ respectively, on Slump Sale basis (as defined under the Income Tax Act, 1961) as a going concern for a lumpsum cash consideration of not less than Rs.480 Crores and Rs.20 Crores respectively including outstanding loans pertaining to the Projects, and further subject to the Closing of both the transactions as above happening simultaneously or such other person(s) as identified by the Board on such terms and conditions with effect from such date and in such manner as the Board think fit and proper.”
The Board has appointed Mrs. Shilpa Kotagiri, Practicing Company Secretary, as Scrutinizer for conducting the entire Postal Ballot process in a fair and transparent manner.
The duly completed Postal Ballot Form should reach the Scrutinizer on or before the close of working hours on May 31, 2011. The Scrutinizer will submit his report to the Chairman and Managing Director after completion of the scrutiny and the result of the Postal Ballot shall be announced on June 03, 2011 at 5p.m. at the Registered Office of the Company. |
|
|