Shree Rama Multi-Tech has said that its board of directors, at its meeting held on 23 July 2005, inter alia, has transacted the following businesses:
1. Discussed the media report (of 23 July 2005), regarding the acquisition of equity shares of the company by Nirma Industries. It was noted that the promoters are already in negotiations with Nirma Industries on this issue.
2. Took on record the decision of the board of directors of Shree Rama Multi-Pack (Guangzhou), the Chinese subsidiary of the company, to wind up the company as it has ceased its operations. Accordingly, the board approved the winding up of Shree Rama Multi-Pack (Guangzhou).
3. Noted that the Pondicherry unit of the company had ceased its operations and accordingly approved the closure of the plant at Pondicherry. It was decided that all the machineries, plants and equipment lying at the Pondicherry unit be transferred to the Ambaliyara unit of the company. The proposal to rent / lease out the unit at Pondicherry was approved. The board noted that such closure of plant at Pondicherry would not result in reduction of the installed capacity of the company.
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