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| Exchange Received Time 27/01/2019 13:50:31 Exchange Disseminated Time 27/01/2019 13:50:34 Time Taken 00:00:03 | Pursuant to Regulation 30 of the SEBI (LODR) Regulations, 2015, we would like to inform that the meeting of Board of Directors of the Company was held on December 27, 2018 and outcome of the major business transacted is as under :
1. Shri A K Joshi re-appointed as Managing Director of the Company for a term of 3 (Three) years effective from September 28, 2018 to September 27, 2021, subject to approval of members of the Company and requisite authorities at next General Meeting.
2. The Board took note that the Company's 50% share in Ashoka Golden Mall situated at Hyderabad was sold at the price of INR 50.50 Crore under the SARFAESI Act, 2002 by Indiabulls Housing Finance Ltd., the secured creditors of the Company.
3. In continuation of intimation made on December 26, 2018, the petition filed by minority shareholder has been withdrawn and accordingly has been disposed off by the Hon'able National Company Law Tribunal (Ahmedabad) vide order dated January 18, 2019.
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