Gulshan Sugars & Chemicals Ltd has informed BSE that the Register of Members & Share Transfer Books of the Company will remain closed from August 05, 2008 to August 09, 2008 (both days inclusive) for the purpose of payment of dividend & 28th Annual General Meeting (AGM) of the Company to be held on September 24, 2008.
Gulshan Sugars & Chemicals Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on May 29, 2008, inter alia, have approved the following:
1. Re-Appointment of Sh. A K Vats, as Whole Time Director for a period of 3 years w.e.f. April 01, 2008.
2. Approved the Corporate Guarantee extended by the Company to Bank of Baroda to secure Working Capital facility of M/s. Gulshan Polyols Ltd (a group Company).
Gulshan Sugars & Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 22, 2008, inter alia, has considered and approved the following:
1. Re-Appointment of Sh. A K Vats as Whole Time Director for a period of 3 years w.e.f. April 01, 2008.
2. To call an Extra Ordinary General Meeting of the Company on May 29, 2008 to fulfill the requirement of Sec 372A of the Companies Act, 1956.
Gulshan Sugars & Chemicals Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 22, 2008, inter alia, to consider and approve the re-appointment of Mr. A K Vats as Executive Director of the Company for a further period of three years and to consider to call an Extra Ordinary Meeting of the Company.
Gulshan Sugars & Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 23, 2008, inter alia, has considered and approved, the Scheme of arrangement for the proposed amalgamation of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd.
Gulshan Sugars & Chemicals Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 14, 2008, has considered the proposal for corporate restructuring involving merger / amalgamation and other related matters. The Board of Directors unanimously approved a proposal for amalgamation / merger of Gulshan Sugars & Chemicals Ltd with Gulshan Polyols Ltd subject to the approval of shareholders, High Court, Stock Exchange and other Regulatory Authorities and compliance of other applicable regulations.
Gulshan Sugars & Chemicals Ltd and Guishan Polyols Ltd both jointly had appointed M/s. Price Waterhouse Coopers (PWC) to carry out the valuation exercise and to suggest entitlement ratio upon amalgamation / merger of the Company with Gulshan Polyols Ltd. PWC have submitted their report to the Board of Directors and recommended the entitlement ratio as under:
“The entitlement ratio for Issue of equity shares of Gulshan Polyols Ltd. to the shareholders of Gulshan Sugars & Chemicals Ltd. as 6:1 i.e. One (Rupees 5/- fully paid up) equity share of Gulshan Polyols Ltd. for Six (Rupees 8/- fully paid up) equity shares of Gulshan Sugars & Chemicals Ltd.”
The Board of Gulshan Sugars & Chemicals Ltd. has accepted and approved the above entitlement ratio subject to the approval of shareholders, Stock Exchange, High Court and compliance of other regulatory and applicable provisions etc. The Board has also agreed to meet again to approve a draft amalgamation / merger scheme of the Company with Gulshan Polyols Ltd., which would be sent for approval before filling to Hon’ble High Courts.