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| Exchange Disseminated Time | Vinyl Chemicals India Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on August 27, 2007, have accorded the following:
1. Alteration in the Articles of Association of the Company.
The following new Article be added after the existing Article 57:
57A (i) The Company may, by special resolution, reduce in any manner and with, subject to, any incident authorized and consent required by law, its share capital, Capital Redemption Reserve, Reserve Fund or Securities Premium Account.
(iii) Notwithstanding anything contained hereinabove, the Company may, subject to the provisions of Section 100 and other applicable provisions, if any, of the Companies Act, 1956, cancel, reduce, write off, utilize and/or adjust any amounts standing to the credit of the Securities Premium Account and/or any reserve(s) against or for the purpose of setting-off diminution in the value of any assets (tangible or intangible) of the Company or otherwise howsoever, as the company may determine.
2. Pursuant to Sections 78 and 100 of the Companies Act, 1956 and also subject to the confirmation of the Hon'ble High Court of Judicature at Bombay and other appropriate authorities, if any required in this regard, the share capital of the Company be reduced, to effect such reduction as contemplated in the proposed Scheme of Arrangement for the demerger of the Vinyl Acetate Monomer Manufacturing Unit of the Company into Pidilite Industries Ltd under Sections 391 and 394 of the Companies Act, 1956, subject to necessary provisions & approvals. |
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