Goa Carbon Board recommends dividend

Goa Carbon Ltd has announced that the Board of Directors of the Company at its meeting held on November 25, 2006, inter alia, has:

1. Noted that the Hon’ble Judge, Mr N A Britto in the Ordinary Original Civil Jurisdiction of the High Court of Judicature at Bombay (Goa Bench) has sanctioned the petition for the Scheme of Amalgamation of Paradeep Carbons Ltd (Wholly Owned Subsidiary of the Company) effective from July 01, 2005 and therefore, Paradeep Carbons Ltd (Wholly Owned Subsidiary of the Company) will be amalgamated with the Company on the date of filing of Order sanctioning the Amalgamation, with the Registrar of Companies, Goa.

2. Recommended dividend of Rs 1.50 per equity share (i.e. @ 15%) on equity shares of Rs 10/- each, subject to approval of the shareholders in their Annual General Meeting.

3. Decided in principle;

a. That the Company should venture into the business of power generation and accordingly, it has approved the installation of necessary plant and equipments in order to generate power from the waste heat recoveries at all its three plants located at Goa, Bilaspur & Paradeep.

b. To expand its Calcined Petroleum Coke plant at Paradeep (Orissa).

Source : Equity Bulls

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