Sharda Cropchem announced that the Company have held Board Meeting of the Company on 01 October 2014. The outcome of the meeting is as stated below:
1. To approve acquisition of 24% residual stake in Axis Crop Science (Subsidiary):
The Company has received a notice from Anil Kumta, minority shareholder of its subsidiary, Axis Crop Science, stating his intention to sell his entire stake holding of 40,000 equity shares of face value of Rs.10 each (Rupees Ten only) representing 24% of the shareholding of the Subsidiary for an initial consideration of Rs. 10,00,000/-(Rupees Ten Lakhs only) to be settled based on deferred final consideration which shall be determined based on the audited financial statements of the subsidiary for the year ended 31 March 2015 as per the call option deed entered into between Company, its Subsidiary and Anil G. Kumta on 30 November 2011. The Board has unanimously approved the same.
2. To accept the resignation letter received from Vishal Marwaha:
Pursuant to the Initial Public Offering undertaken by the Company, HEP Mauritius ceased to hold any shares in the Company. Vishal Marwaha who was appointed as a nominee director of HEP Mauritius, has submitted his resignation from the Board of the Company on 23 September 2014 with immediate effect. The Board has accepted the resignation and placed on record the valuable contribution made by him in the growth of the Company during his association as a director with the Company.
|