Vishal Exports to sell "Wind Farm Project"

The Board of Directors of Vishal Exports Overseas Ltd at its meeting held on June 14, 2007, inter alia, has decided to extend the current Financial Year of the Company for a period of 6 months i.e. upto September 30, 2007 and hence the Current Financial Year of the Company shall be April 01, 2006 to September 30, 2007.

The Company proposes to sell / transfer its "Wind Farm Project" situated in the States of Rajasthan and Tamilnadu, on a going concern basis, in accordance with the provisions of the Companies Act, 1956 and the members of the Company have approved the proposal by way of an Ordinary Resolution passed through Postal Ballot.
The Profit or Loss, as the case may be, arising from the said sale / transfer would have a wide spread impact on the accounts of the Company and therefore, the Board of Directors of the Company has decided to extend the Financial Year (Accounting Year) of the Company for a period of 6 months i.e. upto September 30, 2007, so as to reflect the Profit & Loss, as the case may, be arising from the said sale / transfer.

Accordingly, the Current Financial Year shall be from April 01, 2006 to September 30, 2007.

The said extension shall be subject to approval of the Registrar of Companies, Gujarat at Ahmedabad pursuant to the proviso to sub-section (4) of Section 210 of the Companies Act, 1956.

The stock closed the day at Rs.2.31, down by Rs.0.04 or 1.70%. The stock hit an intraday high of Rs.2.38 and low of Rs.2.30. The total traded quantity was 425658 compared to 2 week average of 537158.

Source : Equity Bulls

Keywords