|
| Exchange Disseminated Time | Hindustan Motors Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following Resolutions as under:
1.Pursuant to the provisions of Sections 78 and 100 to 103 of the Companies Act, 1956 and other applicable provisions and subject to approval of the lenders as per the terms of their respective loan agreements and Corporate Debt Restructuring Package and confirmation of the Hon’ble High Court at Calcutta (the Court), consent of the Company be and is hereby granted to (A) writing off the Securities Premium Account of Rs.3,17,27,232/- (Rupees three crore seventeen lakhs twenty seven thousand two hundred thirty two) standing in the books of the Company as on March 31, 2010; and (B) reduction of the paid up Equity Share Capital of the Company being Rs.161,17,19,930/- (Rupees one hundred sixty one crore seventeen lakhs nineteen thousand nine hundred thirty) divided into 16,11,71,993 Equity Shares of Rs.10/- each fully paid up by cancelling Rs. 5/- per Equity Share without extinguishing or reducing the liability on any of its shares; and the sums so available be set off against the debit balance appearing in the Profit and Loss Account of the Company as on March 31, 2010 which is lost or is unrepresented by available assets and the paid up Equity Share Capital of the Company consequent upon such reduction shall be Rs. 80,58,59,965 (Rupees eighty crore fiftyeight lakhs fifty nine thousand nine hundred sixty five) divided into 16,11,71,993 Equity Shares of Rs. 5/- each fully paid up, subject to necessary provisions & approvals.
2. To alter the Memorandum of Association of the Company.
3. The words “Ordinary Shares” wherever appearing in the Memorandum and the Articles of Association of the Company be substituted with the words “Equity Shares”.
4. To acquire by way of subscription, purchase or otherwise the shares of HM Export Ltd, its subsidiary company, up to a limit of Rs.160 crore over and above its existing investments in the securities of all other companies notwithstanding the fact that the same exceeds 60% of the paid up capital and free reserves and 100% of the free reserves of the Company.
The Board of Directors has appointed Shri. Trivikram Khaitan of Messers. Khaitan & Co., Advocate, as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer not later than the close of working hours on November 30, 2010. The scrutinizer will submit his report to the Chairman after completion of the scrutiny and the results of the postal ballot will be announced on November 16, 2010. (For more details kindly refer Corporate Announcements on www.bseindia.com). |
|
|