Pantaloon Retail (India) Ltd has informed BSE that the Board of Directors have passed a resolution by circulation for extending the financial period of the Company by six months from June 30 to December 31.
Accordingly, the current financial period shall be a period of 18 months beginning from July 01, 2011 and ending on December 31, 2012. The Annual General Meeting for the current financial period shall be held within prescribed period after the end of the extended financial period.
The above decision has been taken to ensure that the Company will be able to reflect the impact of various realignment and divestment proposals, at present under implementation, and to move towards changing the financial period to uniform accounting year.
The above decision is subject to the approval of the Registrar of Companies, Maharashtra, for extension of the financial period under section 210(4) and other applicable provisions of the Companies Act, 1956.