Polo Hotels to acquire land

Polo Hotels Ltd has announced that the members at the 22nd Annual General Meeting (AGM) of the Company held on September 20, 2006, inter alia, have approved the following:

1. Authority to Board to purchase 19.18 Bighas land situated adjacent to the existing Hotel North Park of the Company from Sh A R Dahiya, Chairman of the Company on such price and other terms and conditions.

2. Authority to Board to sell, lease, rent out, transfer or otherwise dispose of the whole or substantially the whole or any part or portion of immovable and movable properties and assets of the Company, present and future, to or in favour of any person(s).

3. Increase in the Authorised Share Capital of the company from Rs 4.00 Crores divided into 40 laths equity shares of Rs 10/- each to Rs 15.00 Crores divided into 1.50 Crore equity shares of Rs 10/- each, by creation of additional 1.10 Crore equity shares of Rs 10/- each ranking pan passu with the existing shares of the company in all respects including dividend, and consequential amendments in the Memorandum & Articles of Association of the Company.

Source : Equity Bulls

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