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| Exchange Disseminated Time | Country Condos Ltd has informed BSE that November 19, 2008 has been fixed as the Record Date for giving effect to the scheme of Reduction of Capital. In view of the Court Order, the Share Capital of the Company will reduce from Rs 16.20 Crores to Rs 1.62 Crores by cancelling 90% of its paid-up share capital i.e., the present paid up value per share of Rs 10/- per share will stand reduced to Re 1/- per share and Rs 9/- per share from the paid up value will be cancelled.
Further the Company has informed the following:
The Company is presently carrying on the Business of Real Estates & Construction activities having carry forward losses of Rs 14.69 Crores as on June 30, 2007 as against the paid up capital of Rs 16.20 Crores, which influenced the Management to propose to reduce the share capital from Rs 16.20 Crores to Rs 1.62 Crores by cancelling the paid up share capital which is lost or unrepresented by the available assets. Unless the Company does not reduce the Share Capital, No Banks are coming forward to finance the loans to the Company.
In view of the above, the Company has proposed to reduce its share capital from Rs 16.20 Crores to Rs 1.62 Crores by cancelling 90% of its paid-up share capital. In view of the above, the Company proposed to reduce its capital by cancelling Rs 9/- from the Rs 10/- Paid-up value of each share.
The Company has no outstanding dues to any of the secured creditors except the unsecured loans received from the relatives of the Promoters. The present petition for reduction of share capital is by way of reducing fully paid up shares of Rs 10/- to Re 1/- and therefore their interests will not be affected. The proposed reduction of capital does not involve either the diminution of any liability in respect of unpaid capital. |
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