Ambalal Sarabhai t o sell land

Ambalal Sarabhai Enterprises Ltd has informed that the Board of Directors of the Company took a note of the CLB Order dated March 26, 2008, the gist of which is as follows:

The CLB, Principal Bench, New Delhi has given permission to the Company to sell 3,63,000 sq. ft of land at the Company's Baroda campus to Neptune Infrastructure and Monet Securities Pvt Ltd as per the terms of offer if it is acceptable to both these parties. Further the Company is permitted to sell 82,900 sq. ft of Land situated at the Company's Baroda campus also.

In this connection the Company is directed to form a committee of 5 members with retired Judge as the chairman to invite offers for 82,900 sq. ft of land area and if the above named parties do not convey their acceptance before April 02, 2008 then the committee is required to invite offers for both the plots of land as stated above and submit the details of offers received to CLB, New Delhi.

The proceeds will be utilized as per the directives of CLB with a preference for payment of workers dues.