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| Exchange Disseminated Time | Hindustan Motors Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 08, 2010, has pursuant to the provisions of Sections 78 and 100 to 103 of the Companies Act, 1956 proposed writing off the entirety of the Securities Premium Account of Rs. 3,17,27,232/- (Rupees Three crore Seventeen lakhs twenty seven thousand two hundred thirty two) as on March 31, 2010 and reduction of the paid up share capital of the Company by half by reducing the paid up value of each equity share from Rs. 10/- per equity share fully paid up to Rs. 5/- per equity share fully paid up and adjust both the amounts against debit balance in the profit and loss account of the Company.
By reason of the above exercise, the paid up share capital of the Company shall reduce from Rs. 161,17,19,930/- (Rupees one hundred sixty one crore seventeen lakhs nineteen thousand nine hundred thirty) as existing, to Rs. 80,58,59,965/- (Rupees eighty crore fifty eight lakhs fifty nine thousand nine hundred sixty five) divided Into 16,11,71,993 equity shares of Rs. 5/- each.
The above shall be subject to (i) approval of the shareholders, (ii) approval of the lenders as per terms of their respective loan agreements and Corporate Debt Restructuring Package (iii) approvals from other appropriate authorities as may be required and (iv) confirmation by the Hon'ble High Court at Calcutta. |
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