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| Exchange Disseminated Time 21/06/2016 14:43:22 | GEE Ltd has informed BSE regarding Outcome of Board Meeting held on June 20, 2016.
"Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015 ("Listing Regulations"), we hereby inform the Exchange that in furtherance to the special resolution passed by the shareholders of the company through Postal Ballot exercise in the year 2007 approving addition of new sub clauses to the Memorandum of Association (MOA) to enable the company to use its unused land at the registered office of the Company situated at Plot No. E-l, Road No. 7, Wagle Industrial Estate, Thane (W) - 400 604 for the purpose of construction of IT Park by the Company at its own or through contractors, the Board of Directors of the Company at its meeting held today, i.e. 20th June, 2016, has, inter alia, accorded its consent for Development of PRIVATE IT PARK on Plot No. E-l, Wagle Estate MIDC Area, Thane - 400 604 admeasuring about 13391 Sq. Mtrs., by shifting the present Engineering Activities to Company's Plant at Kalyan.
The Stock Exchange is further informed that the Government of Maharashtra has declared area where the registered office of the Company is situated to be an I.T. park. Hence the management has decided to put to use the land bank for construction of IT Park for the better future prospects of the company. The IT Park Project either be constructed by the company itself or through contractors.
The aforesaid consent of the Board is subject to receipt of necessary approvals from the government, municipal or other similar authorities concerned and the Stock Exchange will be intimated about any further material development on the said subject as and when required.
The meeting of the Board commenced at 02.00 p.m. and concluded at 05.45 p.m.
Further, we wish to inform you that as per the Company's Code of Conduct for Prohibition of Insider Trading, framed pursuant to the Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015, the trading window has been closed from 20th June, 2016 till 23rd June, 2016 and shall remain open on 24th June, 2016. Accordingly, all the Designated Employees (including Directors) of the Company have been intimated not to enter into any transaction involving the securities of the Company during the aforesaid period of closure of trading window." |
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