NEPC India to review slump sale agreement of wind energy division

NEPC India Ltd has announced that a meeting of the Board of Directors of the Company will be held on September 21, 2006, inter alia, to transact the following business:

1. To review the progress in the Slump Sale Agreement of Wind Energy Division dated January 16, 2006 with Southern Wind Farms Ltd and to discuss the issues particularly with respect to non-fulfillment of various obligations by Southern Wind Farms Ltd as per the conditions in the Slump Sale Agreement dated January 16, 2006 including non-receipt of consideration amount and other agreed payments from Southern Wind Farms Ltd.

2. To review the situation arising out of non-fulfillment of liabilities by Southern Wind Farms Ltd till date and the resultant consequences being faced by this company with valued customers, suppliers, creditors, vendors, labours, institutions etc and loss of valuable business and reputation during the period from date of the Slump Sale Agreement dated January 16, 2006 till date.

3. To consider, resolve and take an overall final decision with respect to the above matters in the interest of Wind Energy, employees, shareholders, promoters, investors, customers, creditors, etc.

Source : Equity Bulls

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