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Cerebra Integrated Technologies informs about company updates

25 Mar 2019 Evaluate

Cerebra Integrated Technologies has informed that it has signed a settlement agreement with Cimelia Resource Recovery Pte Ltd. Singapore and others in an arbitration case pending for about five years now. Cerebra will now be able to take the next course of action i.e. capital reduction of Shares and thereby cancelling 9200000 shares issued to Cimelia Resource Recovery Pte Ltd. Singapore and others there by reducing the Issued Capital by Rs 920 Lakhs from Rs 12119.66 Lakhs to Rs 11199.66 Lakhs. To give a brief Cerebra entered into 3 MSAs (Master Services Agreements) with Cimelia Resource Recovery Pte Limited ,Singapore and two other companies for which the Company had allotted 92 Lakh Shares of Cerebra on 24.05.2011 for Consideration other than cash upon getting the FIPB approval for setting up E waste plant in India (Supply of Plant and Machinery, Implementation, installation; commissioning & proper working of plant and machineries and Technical knowhow, setting up of plant & machinery, identification of suppliers. These shares issued for consideration other than cash upon receipt of FIPB approval as advances for the setting up E waste plant in India after signing the Master services Agreements with Cimelia and others.

The above information is a part of company’s filings submitted to BSE.

Cerebra Integ. Tech Share Price

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