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| Exchange Disseminated Time 19/10/2015 15:09:39 | Mipco Seamless Rings Gujarat Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 19, 2015, inter alia, have considered and approved the following:
1. After factoring the cash required for future business needs and value creation for all stakeholder, it is proposed to reduce equity share capital / paid up equity shares to the extent possible against accumulated losses, subject to the approval of members in General Meeting and confirmation by the Stock Exchange as per Clause 24(f) of the Listing Agreement, SEBI, High Court of judicature, Hyderabad for the State of Andhra Pradesh and Telangana.
2. The Board recommended that a draft scheme of reduction of capital under section 100 of the Companies Act, 1956 and / or Section 66 of the Companies Act, 2013 and such other applicable provisions and in accordance with the Article 7 of Article of Association of the Company to the extent of accumulated losses in proportion to current shareholding, be placed before the Board and the Audit Committee.
3. The Board authorised Mr. Sanjiv Kumar Tandon, Director of the Company to appoint Advocates / Chartered Accountants / Independent Merchant Banker, Functional Director and Scrutinizers, as required, for the implementation of the Scheme for Reduction of Share Capital. |
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