Held on 22 April 2016
Ushdev International announced that the Board of Directors of the Company at its meeting held on 22 April 2016, has approved the following, subject to the approvals of the shareholders and creditors, Bombay High Court, stock exchange/SEBI and other regulatory approvals, as necessary:1. Segregation of its renewable energy business by way of subsidiarisation of Wind Power Undertaking; and
2. Consolidation of group business by way of merger of Ushdev Commercial Services ("Transferor Company"), with the Company.
The Board of the Company has delegated to its Finance Committee to appoint independent valuers to carry out the valuation for the said transactions and merchant bankers for issuance of fairness opinion.
The Finance Committee of the Board is further authorised to carry out all such deeds and actions to ensure the smooth implementation and execution of the aforementioned transactions.
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