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Further, in consideration of such transfer, the wholly owned subsidiary company will issue its equity shares to the company in term of the Business Transfer Agreement executed by the Company.
The proposed transfer of Rental Division Business of the Company to its wholly owned subsidiary company will be subject to obtaining the approval of shareholders and requisite approvals from Banks/Financial Institutions, statutory and regulatory authorities.
The proposed transfer of Rental Division Business of the Company comes with an intention of the management and on-going process of liquidation of Non-Core Assets of the Group.
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