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CEBBCO to sell 6.05 acres of Bilaspur land to Shivam Motors for Rs 4.00 crore

18 Jul 2013 Evaluate

Commercial Engineers & Body Builders Company (CEBBCO) has received an approval for sale of 6.05 acres of land located in Bilaspur to Shivam Motors, a group company of CEBBCO for a monetary consideration of Rs 4.00 crore against the fair market value of Rs 3.02 crore. This is based on the valuation done by Rajeev Nuna & Associates - Chartered Engineers, Government Registered Valuers under Wealth Tax Act, Lender Engineers, Fellow Members- Institution of Valuers.

The board of director at its meeting held on July 17, 2013 has approved for the same. The company had purchased this land as investment and not for any commercial use and since the company is making a profit of Rs 1.00 crore over the fair market value, the decision has been taken to sell the land.

The board has also approved sale of 120,000 shares of Tirupati Equipment at face value of Rs 10 each & having present fair market value (FMV) of Rs 1.76 to Kailash Gupta and/or family/friends amounting to Rs 12 lakh; sale of 30,000 shares of Tirupati Services at fair market value of Rs 19.55 per share to Kailash Gupta and/or family/friends amounting to Rs 5.86 lakh.

Further, the board approved for sale of 62,920 shares of Kailash Motors Finance at face value of Rs 100 each & having present FMV of Rs 64.59 per share to Kailash Gupta and/or family/friends amounting to Rs 62.92 lakh.

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