Uflex Ltd has informed that members of the Company by way of postal ballot have passed the resolution giving authority to the Board of Directors of the Company to sell and transfer the Companys Undertaking comprising of its Distillery Unit located at Ramghat Road, Village - Ahmedapura, Tahsil Altauli, Distt. Aligarh 202002 (U.P.) along with all the employees as well as assets and liabilities of the Distillery Unit including all licences, permits, consents and approvals whatsoever, as is where is basis to UBIO Chemicals Ltd, 100% subsidiary of UFLEX Ltd, New Delhi, at such consideration being not less than the actual cost incurred as certified by an independent Chartered Accountant and with effect from such date as the Board of Directors of the Company may think fit.
The total consideration for the transfer of the said undertaking will be settled by the Wholly Owned Subsidiary by way of issue of equity shares / debts instruments as the Board may think fit & proper in the interest of the Company.
The total consideration for the transfer of the said undertaking will be settled by the Wholly Owned Subsidiary by way of issue of equity shares / debts instruments as the Board may think fit & proper in the interest of the Company.
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