Karachi November 5, 2021: The members of Shakarganj Limited to hold Extra Ordinary General Meeting for disposal of freehold land measuring 5,066 Kanals and 18 Marlas located in Jhang, subject to no objection from the lenders, as per information shared by the company.
The raised proceeds from the disposal of Agriculture land will be utilize to pay to Sugarcane Growers and partially settle the other liabilities of the Company and the remaining proceeds will be applied towards Capital Expenditures.
A L S O || R E A D
FNEL got approval of Investment in REIT and Kingbhai sale
The Board of Directors be and are hereby authorized and empowered to sell the Agriculture land and delegate any or all of its powers in this regard to the Chief Executive Officer (CEO) or any other person on such terms and conditions as they deem fit, to act on behalf of the Company in carrying out and performing all acts, matters, things and deeds to implement and/or give effect to the sale of Agriculture land and utilization of the proceeds thereof, which shall include, but not be limited to:-
a) conducting negotiations with interested parties in such manner and on such terms and conditions as are in the best interests of the Company and its members and which secure the best available market price for the assets;
b) selling the assets to any individual, firm/partnership or private/public limited company or organization or to any other person and, for that purpose, negotiating with financial institutions for vacating lien/charges against Agriculture land if any, entering into an agreement to sell, executing a sale deed or any other agreement with the buyer(s) or any other person, receiving the 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 sale in favor of the buyer(s) or any other person by representing the same before all parties & authorities concerned and admitting execution thereof;
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WAVES called board meeting to Relocate its Factory
c) representing before the Sub-Registrar or any other competent authority and getting any sale deed or other documents registered and collecting the consideration amount in respect of the sale of Agriculture land;
d) To utilize the proceeds from the disposal of Agriculture land to pay to Sugarcane Growers and partially settle the other liabilities of the Company and the remaining proceeds will be applied towards Capital Expenditures.
e) Generally performing and executing in respect of the Agriculture land all lawful deeds, agreements, acts and things as they may think fit and proper in order to implement and complete the sale of Agriculture land.
