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| Exchange Disseminated Time | Jyoti Ltd has informed BSE that the Company and one of its Promoters had entered into a Shareholders' Agreement (SHA) dated September 14, 2010 with Finquest Financial Solutions Private Limited (FFSPL). By virtue of this Agreement and subject to the fulfillment of the terms and conditions contained therein, the Company allotted 18,00,000 Equity Shares to FFSPL and its group on preferential basis.
The SHA was unilaterally terminated by FFSPL vide their e-mail dated March 17, 2014. A further letter dated March 25, 2014 by FFSPL to the Company reconfirmed the action of termination.
The relationship between FFSPL and its group on the one hand and the Company on the other hand came to an end on the termination of the SHA by FFSPL. All attempts made by the Company to persuade FFSPL not to effect the termination of the SHA also failed.
The Board of Directors of the Company at their Meeting held on November 10, 2014 considered the consequences of the termination of the SHA and came to a conclusion that the termination of the SHA would take away all rights of FFSPL, its group and any other person in respect of the shares which were issued by the Company by virtue of the SHA to FFSPL and group.
Consequently the Board of Directors of the Company resolved that all rights in respect of the shares issued by the Company on preferential basis under the SHA dated September 14, 2010 would stand suspended. |
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