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New Horizon to buy Sri Mahasakthi Textile & Arumuga Cotspin
24
Jul '09
New Horizon Leasing & Finance Ltd has informed that the Board of Directors of the Company at its meeting held on July 22, 2009, inter alia, has approved the following:

1. To acquire 100% share capital of two textile Companies viz. Sri Mahasakthi Textile Mills Ltd, (Kerala) and Arumuga Cotspin Pvt Ltd (Tamil Nadu) for a total consideration of Rs 10 Crores, thus to make these Companies as fully owned subsidiaries of the Company.

2. To start new business in packaging space.

3. To shift Registered Office of the Company from Mumbai to Coimbatore, Tamilnadu subject to necessary approval.

4. Amend Memorandum of Association of the Company to include new line of business.

5. Appointed Mr. T Rajkumar as Director of the Company.

6. Approved postal ballot notice to approve Item Nos. 1 to 4 of the above proposals.

New Horizon Leasing & Finance Ltd

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