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| Exchange Received Time 16/05/2019 18:33:42 Exchange Disseminated Time 16/05/2019 18:33:45 Time Taken 00:00:03 | Pursuant to Regulation 30 of SEBI (LODR) Regulations, 2015, we wish to inform that the Board of Directors in their meeting held on 15th May, 2019 at the registered office of the Company at World Trade Centre, Babar Road, Barakhamba Lane, New Delhi - 110001 had inter-alia, recommended the following for the approval of the Shareholders:
1. In terms of the provisions of Section 188 of the Companies Act, 2013 read with rules made thereunder, SEBI (LODR) Regulations, 2015 and pursuant to communication of BPCL in respect of transfer its Gas Business Division on a going concern basis to Bharat Gas Resources Limited, a wholly owned subsidiary of BPCL, by way of slump sale, material Related Party Transaction (proposed) which are on arm's length basis and not in the ordinary course of business in relation to transfer of various commercial agreements entered by the company with Bharat Petroleum Corporation Limited (BPCL) for supply of goods or service along with rights and obligations in this regard to Bharat Gas Resources Limited (BGRL).
2. Pursuant to communication received from BPCL and the above said scheme, the amendments in Memorandum of Association of the Company (MoA) and Articles of Association of the Company (AoA).
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