Best & Crompton issues Notice of Postal Ballot to dispose immovable property

Best & Crompton Engineering Ltd has announced that the members of the Company will consider to approve the Ordinary Resolution by way of Postal Ballot to sell, lease or otherwise dispose of by mortgage and / or charge, in as is where is condition, in such form and manner and with such ranking and at such time and on such terms as the board may determine, all or any of the movable and / or immovable properties of the Company situate at 28A, 39 & 40, Industrial Estate (North), Ambattur, Chennai either in entirety or in part of after sub-division, and / or the whole or any part of the undertaking(s) of the Company, in favour of the purchaser, lender(s), Agent(s) and Trustee(s) / Trustee(s) for sale, for securing the borrowings availed / to be availed by the Company and / or any of the Company's Subsidiary / Associate / Affiliate Company, or by way of sale consideration, loan(s) (in foreign currency under Fema regulations and / or rupee currency) subject to the limits approved under Section 293(1)(d) of the Companies Act, 1956, together with interest at the respective agreed rates, additional interest, compound interest in case of default, accumulated interest, liquidated damages, commitment charges, charges on prepayment, remuneration of the Agent(s) / Trustees, premium (if any) on redemption, all other costs, charges and expenses, including any increase as a result of devaluation / revaluation / fluctuation in the rates of exchange and all other monies payable by the Company in terms of Loan Agreement(s) / Heads of Agreement(s), debenture Trust Deed(s) or any other Document, entered into / to be entered into between the Company and the lender(s) / Agent(s) and Trustee(s) / Trustee(s), in respect of the said sale / loans / borrowings / debentures and containing such specific terms & conditions & covenants in respect of enforcement of security as may be stipulated in that behalf and agreed to between the Board of Directors or Committee thereof and the Purchaser / lender(s) / Agent(s) and Trustee (s) / Trustee(s) in respect of the said sale, subject to necessary approvals & provision.

The Company has appointed Shri. V Mahesh of M/s. V Mahesh & Associates, Company Secretaries, as 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 19, 2006. The scrutinizer, after completion of the scrutiny, will submit his report to the Whole Time Director, Mr. A Kumaresan and the results of Postal Ballot will be announced by the Whole Time Director on December 21, 2006.

Source : Equity Bulls

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