At meeting held on 24 August 2015
Jain Irrigation Systems announced that the Board of Directors of the Company at its meeting held on 24 August 2015, have approved the Sale of its food business by way of 'Slump Sale' to Jain Farm Fresh Foods, an effective Wholly Owned Subsidiary (WoS) of the Company to create strategic focus on fast growing food business and consequent value creation opportunities.The Food Business of the Company comprises of food manufacturing units at Jalgaon (Maharashtra), Vadodara (Gujarat) and Chittoor (Andhra Pradesh) besides the indirect subsidiaries carrying on food business activities namely:SQF2009 UK and Cascade Specialities Inc, USA.
The Board has also formed a Sub-Committee comprising of 3 Directors to take all decisions regarding the transaction referred above.
To obtain the Shareholders approval u/s 180(1)(a) of the Companies Act 2013, the Board had already formed and delegated authority on the August 10, 2015 to convene a Postal Ballot as per Section 110 of the Companies Act 2013 read with Rule 22 of the Companies (Management and Administration ) Rules 2014.
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