Maxwell Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on June 03, 2011, inter alia, has approved the Business Transfer Agreement with M .C Spinners Private Limited for the sale of its Spinning Business unit situated at Kollapalur Village, Gobichettipalaya, Erode, Tamil Nadu as a going concern on Slump Sale basis at a consideration of INR 39 Crores, subject to approval of the shareholders and such other approvals as may be required in this regard. The Board of Directors authorized Mr. Sunil Pathare, Vice-Chairman and Managing Director to execute the Agreement and do all such acts, matter, things and deeds as may be required in this regard.
The Board of Directors also authorized Mr. R. Venkataraman, Vice President Finance & Company Secretary to finalize and issue the Notice of Postal Ballot for obtaining the approval of the shareholders for sale of Spinning Business unit and do all such acts, matter, things and deeds as may be required in this regard.
Sensex
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Friday, June 03, 2011
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