January 05, 2020 (MLN): The Board of Directors of Imperial Limited (IML), in a meeting, held on January 4, 2021, has discussed to consider and approve the sale of Freehold Land, Buildings on Freehold Land, Plant and Machinery, and other Assets of the Company located at Karmanwala, Tehsil Phalia, District Mandi Bahauddin.
According to the notification sent to PSX, the proposed resolutions are subject to the approval of shareholders with or without any modification, addition, or deletion in the forthcoming Annual General Meeting of the Company:
The BoD resolved that 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, Buildings on Freehold Land, Plant and Machinery, Furniture & Fixture, Equipment and other assets (“the Assets”).
It was further resolved that, as part and parcel of the foregoing consent, the Board of Directors be and are hereby authorized and empowered for the Assets Sale. The Board may delegate its powers to Chief Executive Officer (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, things 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:-
a) conducting negotiations, obtaining quotations, etc, with interested parties in such manner and on such terms and conditions as are in the best interest of the Company and its shareholders and which secure the best available market price for the assets;
b) selling the Assets to any individual, firm/partnership, bank or private/public limited company or organization or to any other person and, for that purpose, negotiating with a financial institution for the vacation of lien/charges against assets if any, entering into an agreement 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 favor of the buyer(s) or another person to effect the asset sale in favor of the buyer(s) or any other person by representing the same before all parties & authorities concerned and admitting execution thereof;
c) 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, and
d) generally performing and executing in respect of the assets all lawful deeds, agreements, acts, and things as they may think fit and proper in order to implement and complete the Assets sale.
The Board further resolved that the Company be and is hereby authorized to take all actions incidental or ancillary thereto with regard to Assets sale.
IML’ BoD further resolved that the Board be and is hereby empowered to agree upon modification in these resolutions that may be directed/required by the SECP without the need of any other further approval of the shareholders.
It was further resolved that 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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