Sanghi to shift office to Gujarat
Sanghi Industries Ltd (SIL) has decided to move its registered office from Andhra Pradesh to Gujarat, citing its intention "to carry on its businesses in a more economical and efficient" manner. A decision to this effect was taken by the board recently. SIL's office is located at Sanghinagar in Rangareddy district on the outskirts of Hyderabad. The company operates Sanghi Cements, the group's most profitable company located in Gujarat. The promoters of the Rs 2,000-crore Sanghi group, Anand Sanghi, Sudhir Sanghi, Ravi Sanghi and Gireesh Sanghi, are currently engaged in a protracted legal battle over the ownership of the group assets, including the sprawling 3,000-acre Sanghinagar. The board also decided to extend the current financial year ending March 31, 2011, to June 30, 2011. It said in a filing to the BSE that the balance sheet and the profit and loss account would be compiled for a period of 15 months. The board appointed ND Birla & Company as its cost auditors for 2010-11 in compliance with the order of the central government on December 16, 2010.