Everest Kanto to seek approval for sale of assets to subsidiary by Postal Ballot

Everest Kanto Cylinder Ltd has announced that the members of the Company will consider to approve, by way of Postal Ballot, the ordinary resolution pursuant to Section 293(1)(a) of the Companies Act, 1956, subject to the consents, approvals and permissions being obtained from appropriate regulatory authorities to the extent applicable or necessary, for the sale of all the fixed assets of the Dubai unit of the Company engaged in the business of manufacture and marketing of cylinders, to EKC International FZE, a wholly owned subsidiary of the Company by way of sale for a consideration amounting to US$ 6.19 million (equivalent to approximately Rs 2847 lacs) based on a valuation considering the fair market value of all such assets as on the date of sale as the Board of Directors of the Company may think fit.

The Company has appointed Mr. S N Ananthasubramanian, a practising Company Secretary, as Scrutinizer for conducting the Postal Ballot voting process in a fair and transparent manner.

The Postal Ballot forms duly completed should reach the Scrutinizer before the closing of working hours on November 09, 2006.

The Scrutinizer will submit his report to the Chairman and Managing Director of the Company Secretary of the Company after the completion of the scrutiny of the postal ballots. The results will be announced by the Chairman and Managing Director of the Company on December 13, 2006.

Source : Equity Bulls

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