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| Exchange Disseminated Time | Onelife Capital Advisors Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 30, 2013, inter alia has:
1. To consider alteration of objects of the Initial Public Offering
SEBI has directed the Company to bring back the IPO advances given to 'Fincare Financial and Consultancy Services Private Limited', 'Precise Consulting and Engineering Private Limited' and 'KPT Infotech Private Limited' of Rs 35.25 cr within six months from the date of the order i.e. August 30, 2013.
In the changed circumstances the Board of Directors have approved alteration/modification/change of objects of the IPO and utilization of unused IPO proceeds, subject to approval of members of the Company.
As per the provisions of Section 61 of the Companies Act, 1956, "a Company shall not, at any time, vary the terms of a contract referred to in the Prospectus or statement in lieu of prospectus, except subject to the approval of, or except on authority given by, the Company in general meeting". Therefore, the proposed alteration of the "Objects of the issue" in the Prospectus dated October 10, 2011 shall require the approval of members which the Company proposes to obtain through postal ballot process. The Board has approved the alteration/modification/change of the clause (i) Purchase of Corporate Office at Mumbai (ii) Development of Portfolio Management Services and (iii) Brand Building, of the Objects of the Issue as mentioned in the Prospectus dated October 10, 2011. The Board approved the proposal to replace these three clauses with the following clause, subject to the approval of members and compliances with other regulatory provisions.
To utilize the unused IPO proceeds as and when received back for acquisition of Corporate Office/land/building(s)/immovable property(ies)/office premises.
2. Monthly progress report (October 2013) for regulators compliance
The Board approved to take legal steps for the recovery of the advance amount paid to 'Fincare Financial and Consultancy Services Private Limited', 'Precise Consulting and Engineering Private Limited' and 'KPT Infotech Private Limited'. The Board noted the cancellation of agreements/MOU with 'Fincare Financial and Consultancy Services Private Limited' and 'Precise Consulting and Engineering Private Limited' and to take legal steps to recover the amount.
3. Committee of Directors for Postal Ballot
Appointed a Committee consisting of Mr. Pandoo Naig, Managing Director and Mr. A.K. Tangri, Director to finalise the Postal Ballot Notice, for obtaining the shareholders approval under Section 61 of the Companies Act, 1956 for the Alteration/Modification of the IPO Objects and to co-ordinate with the Scrutinizer(s) for the purpose of conducting the Postal Ballot process in a free and fair manner and take all appropriate steps to implement the above proposal. |
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