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| Exchange Disseminated Time | Pondy Oxides & Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 30, 2013, inter alia, has considered and approved the proposal for de-merger of four units of the Company namely Unit I - MOD, Unit II - PAD, Unit V - ZRD, Unit VI - ARD such as Metallic Oxides and Plastic Additives with the wholly owned subsidiary of the Company i.e., POCL Enterprises Limited while retaining the verticals representing Smelting Division in Tamilnadu and upcoming Lead Smelting project in Andhra Pradesh with the Company. The Board also noted that the above demerger will have positive impact on the Company’s growth plan to excel in the non-ferrous metals field and create a stronger foot hold in the market space by further increasing its presence as a focused player in the non-ferrous metals industry.
In this regard, the Company, has also appointed M/s Sarathy and Balu, Chartered Accountants as the Valuer, Shri. P. H. Arvindh Pandian as Solicitor and M/s KSM Associates, Practicing Company Secretaries as Advisor for the proposed demerger. |
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