Petron Engineering Postal Ballot authorizes sale of unit, increase borrowing powers

Petron Engineering Construction Ltd has announced that the members of the Company by way of Postal Ballot have passed the following Ordinary Resolutions with requisite majority:

1. Authorizing the Board of Directors for transfer, sale and disposal of "PETRON RESORTS" (the Resorts / Hotel Undertaking) as a going concern with all assets and correlated liabilities / obligations.

2. Authorizing the Board of Directors of the Company to borrow upto Rs 200 Crores, over and above the aggregate of the Paid-up capital and free reserves of the Company.

Source : Equity Bulls

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