Modipon issues Notice of Postal Ballot to sell shares

Modipon Ltd has announced that the members of the Company will consider to approve the Ordinary Resolution by way of Postal Ballot, to sell and transfer or otherwise dispose of in any manner whatsoever the whole of the undertaking of the Company pertaining to the Company’s Chemicals Division situated at Thane in the State of Maharashtra, as a going concern, on a slump sale basis along with certain specified Assets in particular the Investments by the Company in the Shares of Quick Investment (India) Ltd and Good Investment (India) Ltd, the two wholly-owned Subsidiaries of the Company to Indofil Organic Industries Ltd (IOIL) with effect from October 01, 2006 at a value of Rs 124.66 Crores. The sale as above shall be conditional upon part of consideration being applied by the Company for subscription on behalf of Equity Shareholders of the Company for Equity Shares of IOIL to be allotted and distributed by IOIL directly to the Equity Shareholders of the Company in the ratio of 3 Equity Shares of IOIL for every 2 Equity Shares held in the Company.

The Company has appointed Mr Mani Srinivasan, F.C.S., a practicing Company Secretary as the scrutinizer for conducting the postal ballot process in a fair and transparent manner.

The Postal Ballot form duly completed should reach the scrutinizer on or before December 18, 2006. The scrutinizer will submit his report to the Mr C K Tewary, Director of the Company or in his absence to any other Director as may be authorized by the Board of Directors after the completion of the scrutiny of the Forms and the results of the postal ballot will be announced at the Annual General Meeting of the Company to be held on December 23, 2006.

Source : Equity Bulls

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