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The board of directors of Novopan Industries Ltd on Wednesday decided to delist the company’s equity shares from BSE and NSE after seeking the shareholders’ nod.
This comes in the backdrop of the delisting proposal received from the promoter of the company (GVK). The particle board manufacturer and part of the diversified GVK Group of Hyderabad is in the process of exiting the business and selling its assets as the business is no longer financially viable.
There is stagnation in the particle board business. This has impacted the industry and the company. Overall imports in this segment have also dropped. The existing units have been impacted by new products and shortage of power and increased tariffs have impacted the company.
The company unit is located at Patancheru industrial hub on the Hyderabad-Mumbai Highway.
The company board approved the notice of postal ballot for obtaining the nod of the shareholders for voluntarily delisting the equity shares from the stock exchanges.
It authorised G. Indira Krishna Reddy, Vice-Chairperson; S. A. Naqui, Executive Director; A. Issac George, Director; and Y. Rama Murty, Director to initiate the process of delisting shares.
The company further decided to apply to the Registrar of Companies, Hyderabad, for extension of the period for conducting the annual general meeting by three months for financial year 2012-13. The move is aimed at enabling the company to conduct the AGM on or before December 31, 2013.
rishikumar.vundi@thehindu.co.in
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