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Sep 14, 2013, 12.58 PM IST | Source: Moneycontrol.com

Inox Leisure became a subsidiary of Gujarat Fluorochemicals

Inox Leisure has informed to Gujarat Fluorochemicals that at the AGM of Inox Leisure, the Shareholders have approved alteration of its Articles of Association by adding an Article 137A in the Articles of Association wherein Gujarat Fluorochemicals shall be entitled to appoint majority directors on the Board of lnox Leisure.

Gujarat Fluorochemicals Ltd has informed BSE that Inox Leisure Limited has informed the Company that at the Annual General Meeting of Inox Leisure Limited, the Shareholders have approved alteration of its Articles of Association by adding an Article 137A in the Articles of Association wherein Gujarat Fluorochemicals Limited (GFL) shall be entitled to appoint majority directors on the Board of lnox Leisure Limited if GFL holds not less than forty percent of the issued, subscribed and paid up capital of Inox Leisure Limited. Hence, with the passing of the said resolution, Inox Leisure Limited has once again become a subsidiary of Gujarat Fluorochemicals Limited as per Section 4 (1) (a) of the Companies Act, 1956 on account of Gujarat Fluorochemicals Limited controlling the composition of the Board of Directors of Inox Leisure Limited.Source : BSE

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