The Hindu Business Line : Gulf Oil mulls postal ballot to transfer Vizag unit

GULF Oil Corporation Ltd has informed the stock exchanges that the members of the company will approve the ordinary resolution by way of postal ballot, to transfer its building products division at Visakhapatnam.

The unit, engaged in the manufacture and sale of gypsum boards, partition panels and other gypsum products, would be transferred at the net book value of the assets plus the actual working capital employed, estimated at Rs 535 crore to one of the subsidiaries of the company by way of sale of assignment effective from April 1, 2005.

The company has appointed Mr A. Ravi Shankar, partner, Ravi & Subramanyam, Company Secretaries as scrutiniser for conducting the postal ballot process.

The postal ballot should reach the scrutiniser on or before July 9. The scrutinizer will submit his report to the Chairman on July 14 and the results of the postal ballot will be announced on July 14.

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