Court okay for Paradeep, Goa Carbon merger
Goa Carbon (GCL), part of Dempo Group, has received the approval of the Bombay High Court (Goa Bench) for amalgamation of its wholly-owned subsidiary Paradeep Carbons (PCL) with GCL.
By Nageshwar Patnaik, TNN |
BHUBANESWAR: Goa Carbon (GCL), part of Dempo Group, has received the approval of the Bombay High Court (Goa Bench) for amalgamation of its wholly-owned subsidiary Paradeep Carbons (PCL) with GCL.
PCL will be amalgamated with GCL, effective July 1, 2005. At present, GCL has a manufacturing capacity of 2.4 lakh tpa.
At the meeting on Nov 25, GCL board of directors recommended a dividend of Rs 1.50 per equity share (15%) on equity shares of Rs 10 each. The board has also decided to expand capacity of the company’s Paradeep unit.
“Following the High Court’s seal of approval for the amalgamation, we will be able to consolidate our operations. PCL is contributing substantially to the company’s bottom-line. We have lined up substantial expansion plans to keep up with the demand for our products.” GCL chairman Shrinivas Dempo said.
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