Uniroll Leather to dispose properties

Uniroll Leather India Ltd has announced that the Board of Directors of the Company at its meeting held on September 26, 2006, has decided to dispose of the properties of the Company at a price higher than the price determined by the approved government valuer.

The Company could not commence commercial production despite of its best efforts at all level. The plant and machinery has become more than 12 years old and it’s worth is going from bad to worse. The disposal of the properties has become unavoidable as the lenders to whom the Company’s properties have been charged/mortgaged have served notices on the Company to repay the loan. As per the terms of the loan document, the loan is payable on demand. The lenders, in order to facilitate the Company to dispose of its properties and to pass on clear title to the prospective buyer(s) has released the properties charged/mortgaged to them. The shareholders have already agreed to dispose of Company’s properties to repay the lenders by passing resolution u/s 192A read with Section 293(1)(a) of the Companies Act, 1956.

Source : Equity Bulls

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