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| Exchange Disseminated Time | Kanani Industries Ltd has informed BSE that the members of the Company will consider to approve the following resolutions by way of Postal Ballot :
1. To offer, issue and allot in one or more tranches to Investors whether Indian or Foreign, including Foreign Institutions, Non-Resident Indians, Corporate Bodies, Mutual Funds, Banks, Insurance Companies, Pensions Funds, Individuals or otherwise, whether shareholders of the Company or not, through a public issue and/or on a private placement basis, foreign currency convertible bonds and/ or equity shares through depository receipts and/or bonds with share warrants attached including by way of Qualified Institutions Placement ('QIP'), to Qualified Institutional Buyers ('QIB') in terms of Chapter VIII of the SEBI Regulations, through one or more placements of Equity Shares/Fully Convertible Debentures (FCDs)/Partly Convertible Debentures (PCDs)/Non-Convertible Debentures (NCDs) with warrants or any securities (other than warrants) which are convertible into or exchangeable with equity shares at a later date (hereinafter collectively referred to as "Securities"), secured or unsecured so that the total amount raised through the Securities shall not exceed Rs. 100,00,00,000/- [Rupees One Hundred Crores], (including green shoe option) as the Board may determine and where necessary in consultation with the Lead Managers, Underwriters, Merchant Bankers, Guarantors, Financial and/ or Legal Advisors, Rating Agencies/ Advisors, Depositories, Custodians, Principal Paying/Transfer/Conversion agents, listing agents, Registrars, Trustees, Auditors, Stabilizing agents and all other Agencies/Advisors, Subject to necessary provisions and approvals.
2. To amend Article no. 116 of the Articles of Association of the Company by way of replacement of the words 'Any general meeting' in the said Articles with the Word 'The Board of Directors of the Company' in the said Articles so as to authorize the Board of Directors of the Company to issue Bonus shares as and when they deemed fit and expedient to do so.
The Company has appointed Mr. Deependra Shukla, Practicing Company Secretary as the Scrutinizer for conducting the Postal Ballot voting process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer on or before the close of working hours on October 18, 2010. The result of the Postal Ballot shall be announced by the Chairman, or in his absence by any other person, so authorized by the Chairman on October 19, 2010. |
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