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| Exchange Disseminated Time | Gandhimathi Appliances Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on September 28, 2007, inter alia, have accorded to the following:
1. Increase in the Authorised Share Capital of the Company from Rs 8,00,00,000/- (Rupees eight crores only) which is divided into 80,00,000 (eighty lakhs) equity shares of Rs 10/- each to Rs 10,00,00,000/- (Rupees Ten crores) divided into 1,00,00,000 (one crore) Equity Shares of Rs 10/- each, aggregating Rs 10,00,00,000/- & consequential amendments in the Memorandum & Articles of Association of the Company.
2. Accorded to its Promoters, their relatives and Associates of the Company for:
(i) Conversion out of the unsecured loan standing to the credit of the Promoter - Directors of the Company, their relatives and / or Associate Companies managed / controlled by them in the books of the Company of Rs 395 lakhs into 39,50,000 equity shares of Rs 10/- each for cash at par.
(ii) Further Resolved that the said allotment(s) shall be as per the provisions of the Rehabilitation Scheme as may be sanctioned by Hon'ble BIFR.
(iii) That the said equity shares so issued will be listed on all the Stock Exchanges where the existing equity shares are listed and the equity shares so allotted shall rank pari passu in all respects with the existing shares of the Company except that such equity shares shall qualify for dividend, if any, that may be declared by the Company relating to the financial year in which the said shares are allotted, in proportion to the amount paid on the equity shares and on pro-rata basis.
(iv) That for the purpose of giving effect to this resolution, the Board at its discretion be and is hereby authorised to allot the said equity shares without any further consent or approval of the Company or otherwise to that end and intern that they shall be deemed to have given their approval thereto expressly by the authority of this resolution. |
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