Held on 25 October 2014
Empee Sugars & Chemicals announced that the Board of Directors of the Company at its meeting held on 25 October 2014, inter alia, transacted the following :1. The Board decided to withdraw the Composite Scheme of Amalgamation of Empee Distilleries with the Company, pending before the Hon'ble High Court, Andhra Pradesh.
2. The Board approved to disinvest 100% of shareholding held in the subsidiary company, Empee Power Company (India) subject to the approval of the shareholders of the company/ statutory approvals, if any.
3. The Board took note of the winding up petitions filed and pending before the Hon'ble High Court of Andhra Pradesh in respect of ISGEC Heavy Engineering, Paharpur Cooling Systems and Jain Irrigation Systems under Sec 433(1)(e) of the Companies Act, 1956. However, ISGEC, Paharpur and Jain Irrigation have invoked arbitration and hence the company is taking appropriate legal action in respect of winding up and arbitration matters.
4. The Board took note of SARFAESI Notice received from Andhra Bank, Chennai. Since Andhra Bank does not constitute a valid majority under consortium of bankers, the said notice is ineffectual according to legal opinion obtained by the company. The company has proposed to send a reply notice to Andhra Bank.
5. The Board took note of recall notice received from Empee Distilleries, the holding company, recalling share application money of Rs.140.37 crore.
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