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Caprihans India Ltd.

BSE: 509486 Sector: Industrials
NSE: CAPRIHANS ISIN Code: INE479A01018
BSE LIVE 15:40 | 22 Sep 101.35 -3.65
(-3.48%)
OPEN

105.25

HIGH

105.30

LOW

100.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 105.25
PREVIOUS CLOSE 105.00
VOLUME 6373
52-Week high 131.70
52-Week low 86.00
P/E 21.38
Mkt Cap.(Rs cr) 133
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 105.25
CLOSE 105.00
VOLUME 6373
52-Week high 131.70
52-Week low 86.00
P/E 21.38
Mkt Cap.(Rs cr) 133
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Caprihans India Ltd. (CAPRIHANS) - Chairman Speech

Company chairman speech

ANNUAL REPORT - 2001 CAPRIHANS INDIA LIMITED ADDRESS OF THE CHAIRMAN AT THE EXTRAORDINARY GENERAL MEETING HELD ON 12TH NOVEMBER 2001. Ladies & Gentlemen, I welcome you all to this Extraordinary General Meeting of the Company. As you are aware, this meeting has been convened pursuant to the Order of SEBI to consider and pass a Special Resolution ratifying the change in the management control of the Company from EVC International NV to Ineos Vinyls Holdings Ltd. and its wholly owned subsidiaries. During 1999 and 2000, the profitability of EVC Group was adversely affected due to high raw material prices and depressed PVC resin prices. Consequently, there was a need to increase the equity base of EVC. Ineos Vinyls Holdings Ltd.,acting through its subsidiaries, have acquired approximately 68.7% of issued capital of EVC. This has resulted in change in the indirect control of Caprihans from EVC to Ineos. Ineos was set up in 1998 in a management buyout of Inspec's Ethylene Oxide and Derivatives Complex at Antwerp. Today, Ineos is the second largest chemical company in the UK with a turnover of US $ 5 billion and has more than 10,000 employees. The business of Ineos include Acrylics, Chlor- Alkalis, CFC replacements, Silicates, Phenol, Ethylene Oxides and PVC. It is a closely held company and is financed through venture capital and bank loans / bonds. The growth of Ineos has been mainly through acquisition of business. It is expected that the acquisition of EVC by Ineos will benefit Caprihans and its shareholders. Ineos had made an application to SEBI seeking an exemption from making an open offer. SEBI has granted the exemption subject to the condition that the shareholders of Caprihans pass a Special Resolution ratifying the change in the management control of the company in favour of Ineos. As per SEBI's Order additional facility of voting through postal ballot was provided to the shareholders of the Company for casting their vote. The Company has received a very supportive response from the shareholders for the postal ballot facility. As per Scrutineer's report, shareholders holding 3075422 shares have voted in favour of the resolution and shareholders holding only 18169 shares have voted against the resolution. This meeting is being held to allow the members to vote in person / proxy. The votes polled at this meeting will be aggregated with the votes polled through ballot to arrive at the decision on the Resolution. The result will be announced on Monday, 19th November 2001. I take this opportunity to thank the shareholders personally and on behalf of the Board for the continued confidence you have reposed in the Company and its management. Chairman