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| Exchange Disseminated Time | Maithan Alloys Ltd has informed BSE that members of the Company will consider the following resolutions by way of Postal Ballot.
1. RE-CLASSIFICATION OF AUTHORISED CAPITAL AND ALTERATION OF CAPITAL CLAUSE IN MEMORANDUM OF ASSOCIATION
- To re-classify the existing Authorised Share Capital of the Company of Rs. 15,00,00,000/- (Rupees Fifteen Crores Only) divided into 1,06,00,000 equity shares of Rs 10/- each aggregating to Rs 10,00,00,000/- (Rupees Ten Crores) and 5,00,000 10% cumulative, non-convertible redeemable preference shares of Rs 100/- each, aggregating to Rs 5,00,00,000/- (Rupees Five Crores), be re-classified as Rs. 15,00,00,000/- (Rupees Fifteen Crores Only) divided into 1,50,00,000 equity shares of Rs 10/- each and that the existing Clause V of the Memorandum of Association of the Company be altered by deleting the same and substituting in its place the new Clause V.
2. ISSUE OF BONUS SHARES
- Authority to the Board of Directors ("the Board", which term shall be deemed to include any Committee thereof) for capitalization of a sum not exceeding Rs. 4,85,19,250/- (Rs. Four Crore Eighty Five Lac Nineteen Thousand Two Hundred Fifty only) standing to the credit of the General Reserves, Share Premium Account, Capital Redemption Reserve and/or Profit and Loss Account of the Company, and as may be considered necessary by the Board, for the purpose of issue and allotment of equity shares not exceeding 4851925 Equity Shares of Rs. 10/- (Rupees Ten) each, as Bonus Shares credited as fully paid-up to the eligible members of the Company, whose names shall appear in the Register of Members or in the respective beneficiary account with their respective Depository Participants, on the "Record Date" to be determined by the Board for the purpose, in the proportion of 1 (One) Bonus Share of Rs.10/- (Rupees Ten) each for every 2 (Two) fully paid-up Equity Shares of Rs.10/- each held by them and that the Bonus shares so issued and allotted shall, for all purposes, be treated as an increase in the nominal amount of the Capital of the Company held by each such member, and not as income, subject to necessary provisions and approvals.
The Company has appointed Shri Jitendra Patnaik, a Company secretary in whole time practice, as Scrutinizer for conducting the postal ballot process in a fair and transparent manner.
The Postal Ballot form should reach to the Scrutinizer on or before June 07, 2010. The Scrutinizer shall submit his report to the Chairman of the Company after completion of the scrutiny and the results of the postal ballot will be announced through a press release. |
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