At meeting held on 27 November 2014
Wintac announced that the Board of Directors of the Company at its meeting held on 27 November 2014, have decided to hive-off Trade Marks and Marketing Division for the marketing of the Oncology Products in order to have complete focus on the core activity of Product Development and Manufacturing activity for the Regulated Export markets.The size of the Oncology Division business was small and during the previous financial year (2013-14) recorded a sales of Rs. 201 lakhs and contributes about 6.48% to the sales turnover of the Company.
The valuation of the Oncology Division was done on by an Independent Valuer and as per the Valuation Report the valuation was arrived at Rs. 100.53 lakhs. The business is being sold to Bangalore Pharmaceuticals & Research Laboratory, a related party as per the provisions of the Companies Act, 2013. The transaction is on Arm's Length Basis and the sale consideration is Rs. 109 lakhs which is more than the valuation of the Independent Valuer.
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