JCT to hive off steel division

The board of JCT, in their meeting held on February 07, 2005, have approved for hive-off of the company's steel division.

According to a release issued to the BSE, the board is to seek approval of the members of the company under section 293(1)(a) through postal ballot pursuant to the provisions of section 192A of the Companies Act, 1956.

The board has also approved for the extraordinary general meeting on March 18, 2005 for passing the special resolutions for re-appointment of Mr. M M Thapar as Chairman & Managing Director for a period five years w.e.f. February 01, 2005 and conversion of optionally partially convertible preference shares (OPCPS) into equity shares.