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| Exchange Disseminated Time | CTIL Ltd has informed BSE that the Board of Directors of the Company at its meeting held on July 15, 2013, inter alia, have consider and taken on records the following items:
1. The Board examined and deliberated on various multiple growth strategies, business prospects and proposed projects ventures and has passed the resolution for changing the objects Clause of the Memorandum of Association, to enable the Company to carry on the new businesses into Paper Industry, Oil & Gas Industry and Financial Sector Industry.
This is subject to approval of the shareholders of the company.
2. As already approved in the board meeting held on May 25, 2012, the Board has passed the resolution (with minor changes) acquisition of 100% of equity capital of M/s ECG Technology, LLC, USA which holds 30% of the equity shares in Castleton Paperboard, LLC, USA [CPB] a company in the Liner Board Paper industry. One of the other shareholders in CPB is Mini Mill Technologies, LLC [a company having significant experience in providing turn-key consulting for establishing and operating several linerboard companies in the US, who shall establish and operate the CPB]. This acquisition will also obligate the Company to make significant future investments in CPB.
This is subject to approval of the shareholders of the company.
3. The Board has passed the resolution for raising funds through GDR's and/or FCCB's upto US $300 Million for funding various business projects of the company including the acquisition of 100% of the equity capital of ECG Technology, LLC.
This is subject to approval of the shareholders of the company.
4. The Board has passed the resolution authorizing the company for making inter corporate investments, giving loans and providing guarantees up to Rs. 3,000 Crores for making investments and/or acquisitions of companies for growth.
This is subject to approval of the shareholders of the company.
5. The Board has approved the Postal Ballot Notice and Form, for the purpose of above and has authorized Mr. K. Ramesh, Executive Director cum Compliance Officer to initiative and complete the formalities for Postal Ballot.
6. With the permission of the Chairman the Board has accepted the Resignation of Mr. GSS Prasad and has appointed Mr. Bhavani Prasad Kale as Additional Director pursuant to Section 260 of the Companies Act 1956. |
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