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| Exchange Disseminated Time | Kriti Industries India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 29, 2007, has approved the following Business:
1. Approval of the Advisory Report and the Scheme of Arrangement / Demerger/ Hiving Off and to authorize Director(s) to implement it.
Subject to approval of Members in General Meeting and other necessary legal and regulatory approvals, the Board has approved the scheme of demerger of the 'Solvent Division' of the Company into a separate Company- Kriti Nutrients Ltd and to hive off 'Engineering Moulding Division' of the Company into a separate Company- Kriti Auto and Engineering Plastics Pvt Ltd which will be a wholly owned subsidiary Company.
The scheme will be placed in the general meeting of the shareholders for their approval.
2. Approval of the split of the face value of shares of the Company from Rs 10 to Rs 1 each.
Subject to approval of Members in General Meeting and other necessary legal and regulatory approvals, the Board has decided to sub divide the Equity Shares from Rs 10/- to Rs 1/- each.
The decision of the Board will be placed in the general meeting of the shareholders for their approval.
3. Reclassification in the Authorized Capital of the Company
Subject to approval of Members in General Meeting and other necessary legal and regulatory approvals, the Board has approved reclassification of present authorized capital of the company as under:-
Equity Share Capital of Rs 8 Crores divided into 8 crores shares of Re 1/- each
Optionally Convertible Preference Share Capital of Rs 2 Crores divided into 20 Lacs shares of Rs 10/- each.
The decision of the Board will be placed in the general meeting of the shareholders for their approval. |
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