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| Exchange Disseminated Time | Maxwell Industries Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the Ordinary Resolution relating to sale, convey, transfer, assign, deliver or otherwise dispose of its Spinning Division Business Unit situated at Kollapalur Village, Gobichettipalayarn, Erode, Tamil Nadu together with all immovable, movable, intangible and current assets and liabilities pertaining / apportioned to the above Spinning Division Business Unit on Slump Sale basis as a Going Concern to M C Spinners Private Limited or any other party for a lump sum consideration of Rs. 39 Crore (Rupees Thirty Nine Crore Only), subject to fulfillment of the terms and conditions as may be contained in Business Transfer Agreement and such other terms and conditions as may be decided by the Board and as incidental to the transfer, sale and disposal thereof subject to requisite approvals as may be required from the lenders and other authorities if any, with full power and authority to the Board to authorize the finalization and execution of all the necessary documents, agreements, deeds of assignment/conveyance and other documents and to do all such acts, deeds, matters and things as may be deemed necessary or expedient in their discretion for completion of sale, conveyance, transfer, assignment, delivery or otherwise disposal of the Spinning Division Business Unit, subject to necessary provisions & approvals.
The Company has appointed Mr. Rakesh Sanghani of M/s Rakesh Sanghani,, Practicing Company Secretary as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer on or before the close of working hours on July 09, 2011. The scrutinizer will submit his report to the Chairman after completion of the scrutiny and the results of voting by postal ballot will be announced on July 13, 2011. |
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