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| Exchange Disseminated Time | Manaksia Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 14, 2013, inter alia, have considered and approved the following:
1. Notice to seek approval of the members of the Company through the process of Postal Ballot under Section 192A of the Companies Act, 1956 read with the Companies (Passing of resolution by Postal Ballot) Rules, 2011, for passing of the following resolutions:
(a) For Increase in borrowing powers from Rs 750 crores to Rs 1000 crores under provisions of Section 293(1) (d) of the Companies Act, 1956.
(b) To create charge / mortgage on the assets of the Company as security for the enhanced borrowings from the existing limit of Rs 750 crones to Rs 1000 crores under provisions of Section 293(1)(a) of the Companies Act. 1956.
2. Pursuant to the requirement of SEBI Circular dated February 04, 2013, the Board of Directors, after review or the recommendations of the Audit Committee, has reconsidered the Scheme of Arrangement ("Scheme") under section 391 to 394 of the Companies Act, 1956. The changes in the Scheme from the one approved by the Board in its earlier meeting held on December 27, 2012 is only to the extent of complying with the revised requirement of SEBI circular. |
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