January 7, 2020 (MLN): The Board of Directors of Imperial Sugar Limited (IMSL) in their meeting held yesterday, has proposed resolutions which are subject to the approval of shareholders in the forthcoming Annual General Meeting of the Company which are stated below:
The consent of shareholders be and is hereby accorded to the disposal and sale of Company’s assets located at Karmanwala, Tehsil Phalia, District Mandi Bahauddin comprised of Freehold Land, Building on Freehold Land, Plant and Machinery, Furniture & Fixture, Equipment and other assets (‘the Assets’).
As part and parcel of the foregoing consent, BoD be and are hereby authorized and empowered for the Assets sale. The Board may delegate its powers to CEO or any other person on such terms and conditions they deem fit, to act on behalf of the company in doing and performing all acts, matters and deeds to implement and /or give effect to the asset sale and the transaction contemplated by it, which shall include, but not be limited to:
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Conducting negotiations, obtaining quotations etc., with interested parties as are in the best interest of the company and its shareholders, securing the best available market price for the assets.
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Selling the Assets to any individual, firm/partnership, bank or private/public limited company or organization or any other person and, for that purpose, negotiating with financial institution for vacation of lien/charges against assets if any, agreeing to sell, sale deed or any other agreement with the buyer(s) or any other person receiving of sale consideration, executing, preparing and signing any sale deed, conveyance deed and/ or transfer documents in favour of the buyer(s) or any other person by representing the same before all parties & authorities concerned and admitting execution thereof.
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Representing before the Sub-Registrar or any other Competent Authority and getting any sale deed or other documents registered and collecting consideration amount in respect of the Assets sale
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Generally performing and executing in respect of the assets all lawful deeds, agreements, acts and things which might fit and proper in order to implement and complete the Assets sale.
Further, the company be and hereby authorized to take all actions incidental or ancillary thereto about Assets sale.
The Board be and is hereby empowered to agree upon modification in these resolutions that may be directed or required SECP without the need of any other further approval of the shareholders.
Moreover, certified copies of this resolution as present form or modified by CEO/ Company Secretary be communicated to the concerned authorities and shall remain in force until notice in writing to the contrary be given.
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