Bayer CropScience Ltd has informed BSE that the Company is the owner of certain parcels of land admeasuring approximately 100 acres at Kolsher Road, Balkum Village, Thane. At its Board Meetings held on July 19, 2010 & December 22, 2010, the sale / transfer / disposal of such property was approved, subject to receipt of all requisite approvals and permissions.
The Company received approval of the members for the sale, transfer or disposal of the property under the Section 293 (1) (a) of the Companies Act, by way of a postal ballot approved on September 20, 2010.
The Company has now entered into an exclusive arrangement for the proposed sale of the land to Agile Real Estate Pvt. Ltd. Conveyance and completion of the transfer of the land is subject to applicable approvals and permissions from government and statutory agencies. The Company has received an earnest amount of INR 260 crores for this exclusive arrangement. The Conveyance, Transfer, Sale & Possession of the said Thane Property will be completed at a future date, subject to relevant approvals & permissions from the Government & other Statutory Bodies, as may be deemed necessary. The Company will make additional appropriate disclosures as and when definitive material events in the process take place.
Sensex
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Thursday, March 31, 2011
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