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| Exchange Disseminated Time | Premier Polyfilm Ltd has informed BSE that the Hon'ble Board for The Industrial Finance & Reconstruction (BIFR) vide its order dated June 16, 2003 has sanctioned Rehabilitation Scheme of the Company and as per one of the provisions of the scheme existing equity share capital of the Company has been de-rated by 75%.
In compliance with BIFR's orders sanctioning the Rehabilitation Scheme, The Board of Directors of the Company in their meeting held on October 28, 2003 de-rated equity by 75% by reducing the face value of the equity shares of the Company from existing Rs 10.00 per share to Rs 2.50 per Share
Accordingly the Company had fixed Record Date for the purpose of reduction in face value of the Equity Shares of the Company from Rs 10/- per Equity Share to Rs 2.50/- per Equity Share as November 25, 2003. All the shareholders were duly informed by letter also and face value of the Equity Shares were accordingly reduced and stickers along with covering letter were mailed to the Shareholders by Registered Post.
Further the Company has informed that the item relating to change in face value and consolidation of equity shares of the company has been approved by the Shareholders of the company in the 17th Annual General Meeting held on August 21, 2009. To give effect to change in the face value of equity shares from existing face value of Rs 2.50 per equity share to Rs.5.00 per Equity Share by consolidating the existing Equity Shares and issue one share for every two equity shares held by a Shareholder, the Company had fixed September 30, 2009 as Record Date for this purpose. |
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