Jay Shree Tea to seek shareholders approval on business plans

Jay Shree Tea & Industries Ltd has announced that the Board of Directors of the Company proposes to obtain shareholders approval u/s 293(1)(a) of the Companies Act, 1956 to divest / demerge / sale / transfer / lease and / or otherwise deal with its bought leaf manufacturing unit at Ledo, Margherita in the State of Assam and Infotech Centre at Kolkata, in the State of West Bengal.

The said divest / demerge / sale / transfer / lease and / or otherwise deal with the above units shall be done by taking consent of the shareholders by means of postal ballot, as per Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001, The Company has appointed Shri. R S Jhanwar, Chartered Accountant, as Scrutinizer for conducting Postal Ballot process in a fair and transparent manner. The Postal Ballot Forms duly completed shall be received upto close of working hours on September 05, 2007 by the Scrutinizer. The Scrutinizer will submit his report to the Company after the completion of the scrutiny on September 07, 2007 and the results of the Postal Ballot will be announced by a Director of the Company.

The stock was trading at Rs.106.75, up by Rs.5.60 or 5.54%. The stock hit an intraday high of Rs.111 and low of Rs.100.60. The total traded quantity was 52715 compared to 2 week average of 8449.

Source : Equity Bulls

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