Pursuant to the provisions of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015 (Listing Regulation). We wish to inform you that the Board of Directors at its meeting held on May 20 2019 have inter-alia:
1. The Board decided to defer the increase in Authorised Share Capital and approved reclassificationof Share Capital of the Company from Rs. 6 00 00 000/- (Rupees six crores only) divided into 4 80 00 000 (Four crores and eighty lakhs only) equity shares of Rs. 1/- (Rupee one only) each and 12 00 000 (Twelve Lakhs) Redeemable Preference Shares of Rs. 10/- (Rupees ten only) each to Rs. 6 00 00 000/- (Rupees six crores only) divided into 3 60 00 000 (Threecrores and Sixty lakhs only) equity shares of Rs. 1/- (Rupee one only) each and 24 00 000 (Twenty four lakhs) Redeemable Preference Shares of Rs. 10/- (Rupees ten only) each.
2. Approved alteration of Clause 5 of Memorandum of Association to reflect the reclassification of the authorized share capital.
3. Approved alteration of Clause 3 of Articles of Association to reflect the reclassification of the authorized share capital.
4. Approved to issue of 12 00 000 10% Cumulative Non-Convertible Redeemable Preference Shares of Rs. 10/- each (hereinafter referred as preference shares) at par to the existing preference shareholders in the ratio of 1:1 (One preference share for every one preference share held) on right basis.
5. Mr. Martinho Paul Ferrao of M/s. MartinhoFerrao and Associates Practising Company Secretaries (Membership No. FCS 6221) as the Scrutinizer to conduct the Postal Ballot and e-voting process in a fair and transparent manner.
6. Approved notice of Postal Ballot to be sent to the shareholders of the Company and to take all other steps as may be necessary to give effect to the Postal Ballot.
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