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| Exchange Disseminated Time 16/11/2016 14:26:37 | Fineotex Chemical Ltd has submitted to BSE a copy of the resolution passed at the meeting of the Board of Directors of the Company held on November 14, 2016.
"Resolved that in accordance with the provisions contained in Article 9A of the Articles of Association of the Company, Sections 68, 69, 70 and other applicable provisions, if any, of the Companies Act, 2013 (the Act), the Companies (Share Capital and Debentures) Rules, 2014 to the extent applicable and the provisions contained in the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 (Buy-back Regulations) (including any statutory modification(s) or re-enactment of the Act or Buy-back Regulations, for the time being in force) and subject to such other approvals, permissions and sanctions as may be prescribed or imposed while granting such approvals, permissions and sanctions which may be agreed to by the Board of Directors of the Company (herein referred to as the Board which term shall be deemed to include any committee which the Board may constitute to exercise its powers, including the powers conferred by this resolution), the consent of the Board of Directors of the Company be and is hereby accorded to purchase the Company’s own fully paid equity shares of Rs. 2/- each for an amount not exceeding Rs. 3,99,24,400, being 4.78% of paid up share capital and free reserves as on March 31, 2016 (being the date of the last audited financial statements of the Company) on standalone basis for a price not exceeding Rs. 40/- (Rupees Forty only) per equity share (hereinafter referred to as "Buy-back"). The Maximum buyback size and maximum Buy Back price does not include brokerage costs, Securities and Exchange Board of India ("SEBI") turnover charges, taxes such as securities transaction tax, service tax and relevant stamp duty (collectively referred as "Transaction Costs")". |
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