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| Exchange Disseminated Time | JSL Stainless Ltd has informed BSE that the Board of Directors of the Company at its meeting held May 27, 2013 has appointed
1. Mr. Uday Kumar Chaturvedi as Whole Time Director of the Company and designated him as “Chief Executive Officer” by inducting him as an Additional Director with effect from May 27, 2013
Mr. Subash Singh Virdi, Executive Director & Chief Operating Officer has also resigned from the Board of Directors of the Company with effect from May 27, 2013. He will however, continue to be in employment with the Company and will be designated as “Director (Special Projects)”.
2. The Board has accorded its consent, subject to the approval of the shareholders, for issuance of upto 1,35,50,000 (One Crore Thirty Five Lac Fifty Thousand) equity shares of face value of Rs.2/- each at a price of Rs.74/- per share amounting to Rs.100.27 Crore on or before March 31, 2014 instead of June 30, 2013 on preferential basis to the existing Promoter.
It is pertinent to note here that the Company had obtained approval of the Shareholders by means of Special Resolutions passed through Postal Ballot on February 15, 2013, to issue Equity Shares as per requirement of approved Reworked CDR Scheme in the following manner:
(i) 1,35,50,000 equity shares on or before March 31, 2013, and
(ii) 1,35,50,000 equity shares on or before June 30, 2013 to a promoter group Company
Pursuant to the aforesaid Shareholders’ approval, the Company allotted 1,35,50,000 equity shares on preferential basis to a promoter group Company, on March 30, 2013 and the condition prescribed under approved Reworked CDR Scheme relating to infusion of Rs. 100 Crore in the Company on or before March 31, 2013 stood satisfied.
The approval of the shareholders will be sought by way of special resolution to supersede the earlier resolution passed by the shareholders through postal ballot on February 15, 2013 to issue and allot 1,35,50,000 equity shares on or before June 30, 2013. All other terms and conditions of allotment of 1,35,50,000 equity shares as approved by the Board as well as Shareholders of the Company shall remain unchanged. |
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