MP Oils & Fats to foray into real estate business, explore projects in South India

MP Oils & Fats Ltd has announced that the Board of Directors of the Company at its meeting held on October 31, 2006, inter alia, has taken the following Decisions:

1. The Company has decided to undertake a diversification plan in view of sluggish business in Oil and sale of assets of the Plant. Hence, Company has planned to foray into Real Estate and Infrastructural Development activities and for this purpose explore possibilities in other States of the country like Chattisgarh, Andhra Pradesh, Karnataka. In this connection the Company has decided to commence business specified in clause 53 and 78 of Other Objects clause of Memorandum of Association of the Company.

2. The Board has decided to convene an Extra Ordinary General meeting of members on November 30, 2006 for passing resolution u/s 149(2A) of the Companies Act, 1956.

3. The Board has considered various options for change of name and decided to consider the same at a later date.

4. The Board has discussed the financial requirements in detail and in view of the plans to undertake new business, it was considered proper to send reminder to the shareholders for payment of Allotment Money with Interest till date of payment and in the event of failure to pay, to issue Forfeiture Notices to such shareholders.

It was also decided that the said Notice will be issued during first week of December, 2006 after the Extra Ordinary general Meeting and Shri. Suresh Chandra D Manik and Shri. G B Tirupati Rao, Directors, were severally authorized to issue such Notices as per the procedure laid in the Articles of Association of the Company.

5. The Board has discussed various options about the fast growth in Real estate sector across the country and decided to explore the possibilities in Southern India also. In this pursuit, the Company has decided to open a Regional office at Hyderabad in Andhra Pradesh due to the fact that the office will be able to cover entire Southern India for the possibilities that exist in this sector.

Source : Equity Bulls

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