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Stock Report
Petron Engineering Board approves sale of Petron Resorts
Posted On : 2006-08-31 08:27:25( TIMEZONE : IST )
Petron Engineering Construction Ltd has announced that the Board of Directors of the Company has approved an enabling resolution for the sale and transfer of Petron Resorts (a Resort Division of the Company) subject to approval by the Shareholders of the Company under section 293(1)(a) of the Companies Act, 1956, by way of an Ordinary Resolution proposed to be passed by Postal Ballot pursuant to the provisions of Section 192A(2) of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001.
Further the Company has informed that, the Board of Directors of the Company has also approved a resolution for increasing the borrowing limit upto Rs 200 Crore from the existing limit of Rs 50 Crore, subject to approval by the Shareholders of the Company under section 293(1)(d) of the Companies Act, 1956, by way of an Ordinary Resolution proposed to be passed by Postal Ballot pursuant to the provisions of Section 192A(2) of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001.
