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| Exchange Disseminated Time | Kesar Enterprises Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 13, 2012, inter alia, has:
1. Appointed Shri S. Sethuraman, General Manager, New India Assurance Co, Ltd., Mumbai, as Nominee Director on behalf of GIPSA Members & GIC, on the Board of the Company in place of Shri I. S. Phukela.
2. Directed to conduct the Postal Ballot under Section 192A of the Companies Act, 1956 read alongwith the Postal Ballot Rules, 2001 (including any statutory modification or re-enactment thereof for the time being in force) for obtaining the approval of the members of the Company by Ordinary / Special Resolution on matters relating to:
- Increase in Borrowing Powers of the Company under Section 293(1)(d);
- Creation of Charge under Section 293(1)(a);
- Inter - Corporate Loans and Investments under Section 372A;
- Alteration of Articles of Association of the Company;
- Further Issue of Shares under Section 81 (1A).
Approved the appointment of Ms. Ragini Chokshi of M/s. Ragini Choksi & Co., Company Secretaries, as scrutinizer for conducting the aforesaid Postal Ballot process.
Approved the Calendar of Events and Notice under Postal Ballot and directed the Company Secretary to dispatch it to the Members of the Company whose name appears in the Register of Members as on August 10, 2012.
3. Considered and decided to issue equity shares on Rights basis to the existing shareholders of the Company, for an issue size not exceeding Rs. 15 crore including premium to be fixed as per the SEBI formula, as on a Record Date to be decided at a later date.
4. Constituted a Committee of four Directors and delegated necessary powers to it to decide about the terms and conditions and other procedural modalities of proposed Rights Issue. |
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