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| Exchange Disseminated Time | Carborundum Universal Ltd has informed BSE that the Board of Directors of the Company at its meeting held on November 01, 2014, inter alia, have approved the following:
1. Appointment of Mrs. Bharti Rao as an additional director of the Company with effect from November 01, 2014.
2. Merger of M/s. Cellaris Refractories India Limited (CRIL) a wholly owned subsidiary with the Company. CRIL was formed as a Joint venture company with M/s. Cellaris, Israel for manufacture of light Weight alumina cells for use in refractory industry. The Company had recently purchased the 49% stake held in CRIL by M/s. Cellaris Ltd., Israel. For administrative convenience, it is proposed to merge CRIL with the Company subject to approval of the Honorable High court of Judicature of Madras and other applicable regulatory authorities. As the proposed merger is with a wholly owned subsidiary, there will be no additional issue and allotment of shares by the Company upon merger and hence no change in the shareholding pattern arising out of the merger. |
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