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| Exchange Disseminated Time | Deccan Chronicle Holdings Ltd has informed BSE that pursuant to its Meeting of the Board of Directors held on October 11, 2012, it was resolved to authorize the Board of Directors to sell, transfer/ dispose off the Deccan Chargers Franchise business undertaking(s)/ business division of the Company to Kamla Landmarc Real Estate Holdings Private Limited. The above resolution of the Board has been passed subject to the approval of the shareholders of the Company under Section 293(1)(a) of the Companies Act, 1956 read with Companies (Passing of the Resolution by Postal Ballot), Rules 2001 and subject to the approvals, consents, permissions and sanctions as may be necessary from the concerned authorities, lenders and other third parties.
Further in the above respect, the Company has also approved the draft memorandum of understanding placed before the Board of Directors in its meeting held on October 11, 2012. It was proposed to record the preliminary understanding between the Company and Kamla Landmarc Real Estate Holdings Private Limited in respect of the proposed sale and transfer of the Deccan Chargers Franchise and in this regard, the Company has authorised the Board of Directors of the Company to execute the said memorandum of understanding with Kamla Landmarc Real Estate Holdings Private Limited. |
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