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| Exchange Disseminated Time 04/02/2017 17:56:11 | Nitin Castings Ltd has informed BSE that the Meeting of the Board of Directors of the Company for the Financial Year 2016-17 was held on February 04, 2017 at 3.00 p.m and has transacted following business:
1. Decided to accept the resignation of Mr. Deven Madhusudan Doshi as an Independent Director from the Board of the Company.
2. The Board of Directors of the Company at its meeting held on February 04, 2017 has allotted 11,66,667 Equity Shares of Rs 10/- each to the shareholders of Rajshila Construction Private Limited in the ratio of 10 (Rupees Ten Only) fully paid up equity shares of face value of Rs. 10/- (Rupees Ten Only) each of the Company for every 27 (Twenty Seven) fully paid-up equity shares of Rs. 10/- (Rupees Ten Only), pursuant to the scheme of arrangement approved by the Hon'ble High Court of Bombay vide Order dated October 13, 2016.
Accordingly, the issued, subscribed and paid up capital of the Company stands increased to Rs. 2,57,06,670/- consisting of 25,70,667 equity shares of Rs. 10/- each.
3. Took on record the banking arrangement made by the Company pursuant to merger with castings division of erstwhile Nitin Castings Private Limited.
4. To reconstitute and rename the Sub-Committee as 'Operational and Managing Committee' to take decisions pertaining to general business operations of the Company subject to ratification in the ensuing Board meeting of the Company.
5. To authorize Mr. Shyamlal Kishanlal Agarwal, Whole-Time Director of the Company to operate the Bank account of the Company maintained at State Bank of India, Vapi Branch. |
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