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| Exchange Disseminated Time | Maithan Alloys Ltd has informed BSE that the Board of Directors of the Company at its Meeting held on May 26, 2015, inter alia, has transacted the following :
1. The Board of Directors has recommended a dividend of Rs 2/- per equity share of Rs 10/- each (i.e. @ 20% of the paid up capital) for the year 2014-2015. The dividend, if approved by the shareholders at the Annual General Meeting shall be paid/dispatched by the company on or before October 07, 2015 to the members whose name will appear in the Register of Members, as on the date of ensuring Annual General Meeting.
2. The Board of Directors of the Company has also considered and approved the issue of Bonus equity shares, in the ratio of 1:1, (i.e. One Bonus Share of Rs 10 each fully paid for every One Equity Share held) subject to approval of shareholders, by capitalization of General Reserves and/or Profit and Loss Account.
Pursuant to such Bonus issue, if approved by shareholders, the company will be required to allot 1,45,55,775 Equity shares of Rs 10/- each (fully paid) to the shareholders who will be the members of the company on the record date to be determined by the Board of Directors. The Bonus shares will be credited/dispatched on or before July 25, 2015.
3. The Board of Directors of the Company has also considered and approved the increase in Authorised Share Capital of the Company from Rs 15 Crore consisting of 1.50 Crore equity shares of Rs 10 each to Rs 30 Crore consisting of 3 Crore equity share of Rs 10 each and consequently also decided to alter the Clause V of the Memorandum of Association to this effect.
4. The Board of Directors of the Company has decided that the shareholder's approval for increase in Authorised Share Capital and issue of Bonus Shares be obtained by resorting to Postal Ballot Process.
5. The Board of Directors of the Company has also approved the Scheme of Amalgamation of Anjaney Alloys Limited (100% subsidiary of the Company) with the Company. The Scheme is subject to necessary approval from shareholders, regulatory authorities, bankers/lenders and sanction of Hon'ble Calcutta High Court.
6. The Board of Directors has also formulated and adopted "Code of Fair Disclosure" as required under Regulation 8 of Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015. |
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