Circular Resolution passed by the Board

Updated on: Feb 11, 2011

S. Kumars Nationwide Ltd has informed BSE that the Board of Directors of the Company has taken following decisions, vide circular resolution which was approved on February 10, 2011. 1. The Board considered and approved the subsidiarisation of the Companys Belmonte Division, operating at Mid-Premium Segment comprising of the Fabrics Business and Ready-to-Wear Garments Business carried out under the Belmonte Brand and having factory units at Bangalore in the State of Karnataka and Dewas in the State of Madhya Pradesh of the "Belmonte Division" along with all assets and liabilities pertaining / apportioned to the Belmonte Division on a Slump Sale basis and on an as-is-where-is basis as a Going Concern to its wholly owned subsidiary Company, Belmonte Retails Ltd. 2. To make any investment, corporate loan, corporate guarantee or provide any security beyond the prescribed ceiling limits to its subsidiary Companies as stated under Section 372 A of the Companies Act, 1956. 3. The Board approved and fixed the cut off date as February 04, 2011, for sending notice to the shareholders of the Company for passing necessary resolutions under the Companies Act, 1956 including U/s 293 (1) (a) and others, if any, through postal ballot for the above objects (1) and (2).

Source : BSE - >www.bseindia.com

Published on February 11, 2011

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