KirloskarOil – Outcome of Board Meeting

circle Kirloskar Oil Engines Ltd has informed BSE that the Board of Directors of the Company on February 17, 2011 has approved the draft Business Transfer Agreement (“BTA”) relating to the disposal of BBD by the Company to PI on the terms and conditions of BTA as a going concern, on a slump sale basis for a lump sum consideration of Rs. 870,000,000 (Rupees Eight Hundred and Seventy Million) payable on the Completion Date (as defined in the BTA), on a cash free and debt free basis.

BTA will be executed between the Company and PI only after the approval of the shareholders of the Company under Section 293(1)(a) of the Companies Act, 1956, pursuant to a postal ballot under Section 192A of the said Act.

The Board of Directors have also consented to the conduct of a postal ballot for seeking approval of the shareholders for the aforesaid disposal of BBD, as per the provisions of Section 293(1)(a) read with Section 192A of the Companies Act, 1956.

This entry was posted in Pension Lump Sum. Bookmark the permalink.

Leave a Reply

Your email address will not be published. Required fields are marked *


You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>