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| Exchange Disseminated Time 26/08/2016 17:39:26 | Siti Networks Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 26, 2016, inter alia, has considered / note the following :
1. Approved in-principle raising of funds for operations of the Company through issuance of securities viz. Equity or Equity related instruments up to Rupees equivalent to US$ 100 millions - through private placement / Qualified Institutions Placement ("QIP") / External Commercial Borrowings (ECBs) with rights of conversion into Equity Shares / Foreign Currency Convertible Bonds (FCCBs) / American Depository Receipts (ADRs) / Global Depository Receipts (GDRs) or any other securities convertible into or exchangeable for Equity Shares or securities linked to Equity Shares.
2. Further to the family arrangement agreed to between the promoter group, communication has been received from Dr. Subhash Chandra, Mr. Jawahar Lai Goel, Mr. Laxmi Narain Goel and Mr. Ashok Kumar Goel for declassifying Mr. Jawahar Lai Goel, Mr. Laxmi Narain Goel and Mr. Ashok Kumar Goel along with their respective family members and persons acting in concert with them, as “Promoters” of the Company and persons acting in concert with them in terms of Regulation 31A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The above will take effect on receipt of necessary corporate and regulatory approvals.
3. Decided to alter and adopt new set of Articles of Association to align it with the Companies Act, 2013, subject to approval of Shareholders in General Meeting. |
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