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| Exchange Disseminated Time | AI Champdany Industries Ltd has informed BSE that the members of the Company, by way of Postal Ballot, have also approved the following resolutions, with requisite majority:
1. Authority to the Board to transfer / sell "Shalimar Unit" of the Company located at 39, Shalimar Road, Howrah - 711103, West Bengal alongwith all rights, titles, interest, to AIC, Properties Ltd, a wholly owned subsidiary (WOS) of the Company for a consideration on the basis of valuation to be determined by the approval Valued, to be satisfied by the WOS by allotting in favour of the Company such number of equity Shares of Rs 10/- each fully paid up at par for the Consideration value on such dates as may be mutually agreed upon between the two Companies, subject to necessary provisions & approvals.
2. Alternation in the Memorandum & Articles of Association of the Company relating to the Authorised Share Capital as under:
5. The Authorised Share Capital of the Company is Rs. 35,00,00,000 (Rupees Thirty Five Crore) divided into 4,00,00,000 (Four Crores) Equity Shares of Rs. 5 each, 30,00,000 (Thirty Lacs) 7% Cumulative Preference Shares of Rs. 10 each and such Preference Shares shall confer the right to a fixed preference dividend at the rate of 7 percent per annum on the capital for the time being paid up thereon and 2,40,00,000 (Two Crores Forty Lacs) 2% Cumulative Preference Shares of Rs. 5 each and such Preference Shares shall confer the right to a fixed cumulative preferential dividend at the rate of 2 percent per annum on the capital for the time being paid up thereon. Both Preference Shares shall rank as regards capital in priority to the Equity Shares but shall not confer the right to any further participation in profits or assets, and upon any increase of capital, the Company is to be at liberty to issue any new shares with any preferential, deferred, qualified or special rights, privileges or conditions attached thereto. The rights for the time being attached to the Preference Shares in the initial capital or to any shares having preferential, deferred, qualified of special rights, privileges or conditions attached thereto may be altered or dealt with in accordance with the provisions of the accompanying Articles of Association, but not otherwise. |
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