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You are here: Home - Company - - News @ Jains - Board has given in-principle approval for the Amalgamation of Terra Agro Technologies

News @ Jains - Board has given in-principle approval for the Amalgamation of Terra Agro Technologies

Company’s Board Meeting held at 11.00 a.m. on September 5, 2005.

The Board has among other items, decided to give “in-principle” approval for the amalgamation of Terra Agro Technologies Limited, an unlisted Indian company, being a 100% Export Oriented Unit engaged in the business of cultivation and dehydration of vegetables for export (“Terra Agro”) with the Company w.e.f. 1st April 2005. The said company holds quality assets in form of almost new equipment, 1200 acres of agricultural land, and green houses etc.

The Company also intends to use the Terra base in S. India to produce and promote its agricultural product range like drip irrigation, sprinkler, PVC pipes, Tissue culture banana etc. The valuation experts have been appointed and shall submit their report in 2-3 weeks when the Scheme would be finalized.

Board also noted with satisfaction the recent sale of shares by Mauritius based Aqua entities held by them for just over last three years to new Indian and global quality investors which has helped in spreading the Equity Shares widely in keeping with the “public” status of the Company.

Approval has given to the implementation of an Employee Stock Option Plan / Scheme (“ESOP”). 30,71,200 Stock Options/Equity Shares are covered by the ESOP. The approval of Shareholders will be obtained in the 18th AGM to be held on 30-09-2005.

The Board has convened the 18th AGM of the Shareholders on Friday, 30th September 2005 at the registered office in Jalgaon to deal with the Ordinary and Special business as per the approved Notice.

The Board has deferred the decision on the acquisition of a strategic stake in an overseas irrigation manufacturer as the negotiations are still inconclusive.

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