Eicher Motors Ltd has informed BSE that the present shareholding of Eicher Goodearth Ltd (EGL), in the Company is 1,63,08,372 equity shares representing 58.05% of the total paid equity capital of the Company.
Further the Company has informed that, it has received a letter from Eicher Goodearth Investments Ltd regarding change of name from “Eicher Goodearth Ltd” to “Eicher Goodearth Investments Ltd”.
With reference to press articles relating to Joint Venture of Eicher Motors Ltd with AB Volvo, Sweden published in various news papers on May 27, 2008, Eicher Motors Ltd has clarified that there have been wrong reporting in a few newspapers with respect to the announcement made by the promoters of the Company, Eicher Goodearth Investments Ltd (EGIL). The Company have been informed by EGIL that they have requested to those who have misquoted the statement of the promoters to carry a suitable corrigendum.
With reference to the earlier announcement dated May 26, 2008, Eicher Motors Ltd has informed BSE that the Company has signed the definitive agreements with M/s. Aktiebolaget Volvo (PUBL), Sweden (”Volvo”) including the followings:
1. Business Purchase Agreement
2. Joint Venture Agreement
3. Non-compete Agreement.
Eicher Motors Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 24, 2008 to review the draft definitive agreements proposed to be
signed with M/s. Aktiebolaget Volvo (publ), Sweden (Volvo) for proposed formation of a Joint Venture Company between Volvo and the Company.
Further the Company has informed that, the Company had earlier intimated vide its letter dated December 10, 2007 with regard to the proposal received from Volvo on the aforesaid transaction.
Eicher Motors Ltd has informed BSE that the Company had the following two Wholly Owned Subsidiaries in USA:
1. Design Intent Engineering Inc., (”DIE”)
2. Hoff & Associates Inc., (”HOFF”)
Both the Companies were incorporated under the Laws of the State of Michigan, U.S.A and engaged in a similar business of providing services in Engineering Design Services. The Company had decided to merge HOFF With DIE to consolidate the investment of the Company in a single entity.
Accordingly, HOFF merged with DIE and the name of the merged entity has been changed to Eicher Engineering Solutions, Inc. so that the Company to be recognized as part of Eicher Group of Companies.
Eicher Motors Ltd has informed BSE that the present shareholding of Eicher Ltd (EL), Eicher Goodearth Ltd (EGL), Eicher Goodearth Holdings Pvt Ltd (EGHPL) and Eicher Holdings Pvt Ltd (EHPL) in the Company are under:
1) Name of shareholder : Eicher Ltd
- No. of Shares : 92,79,835
- %age held : 33.03
2) Name of shareholder : Eicher Goodearth Ltd
- No. of Shares : 69,50,429
- %age held : 24.74
3) Name of shareholder : Eicher Goodearth Holdings Pvt Ltd
- No of Shares : 56,388
- % age held : 0.20
4) Name of shareholder : Eicher Holdings Pvt Ltd
- No. of shares : 21,720
- % age held : 0.08
Total No. of Shares : 1,63,08,372
Total % held : 58.05
EL, EGHPL and EHPL have been merged with EGL pursuant to Composite Scheme of Arrangement approved by the High Court of Delhi vide order dated March 04, 2008. Pursuant the said order, all the assets and liabilities, licences, permission, approvals or consents held by EL, EGHPL and EHPL are to be vested in EGL.
Upon filing the Court order with the Register of Companies, New Delhi on April 03, 2008, EL, EGHPL and EHPL, got dissolved without winding up.
Consequent to above, equity shares aggregating to 33.31% of the paid up equity capital of the Company held by EL, EGHPL and EHPL are to be transferred and vested in EGL. With transfer of these shares, EGL, shareholding in the Company would increase to 58.05% of the paid up equity capital of the Company and it shall become direct subsidiary of EGL.
Eicher Motors Ltd has informed BSE that the members of the Company by way of Postal Ballot, have the Ordinary Resolution, to consider transfer of Company’s Commercial Vehicle Business (located at Pithampur, Madhya Pradesh); Components Business (located at Thane, Maharashtra; Dewas, Madhya Pradesh; and Gurgaon, Haryana) and Engineering Design Services Business (located at Gurgaon, Haryana) along with assets belonging to Commercial vehicle Business situated at Corporate Office at New Delhi, Investment in Design Intent Engineering, Inc. U.S.A. and Investment in Hoff & Associates, Inc. U.S.A. of the Company by way of “slump sale” and on a going concern basis, to new subsidiary of the Company to be incorporated, with requisite majority.