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| Exchange Disseminated Time | NESCO Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following Resolutions:
1. To increase the authorized share capital of the Company from Rs. 7,50,00,000 divided into 72,50,000 equity shares of Rs. 10/- each and 2,50,000 11% Cumulative Redeemable Preference Shares of Rs. 10/- each to Rs. 15,00,00,000 divided into 1,47,50,000 equity shares of Rs. 10/- each and 2,50,000 11% Cumulative Redeemable Preference Shares of Rs. 10/- each by creation of 75,00,000 (Seventy Five Lacs) further equity shares of Rs. 10/- (Ten) each ranking pari-passu with the existing equity shares and consequential alternation in the Memorandum & Articles of Association of the Company.
2. Pursuant to Article 145 of Article of Association of the Company and subject to the consent of the members and in accordance with the guidelines of Securities and Exchange Board of India, a sum of Rs. 70,459,960 be capitalized out of general reserve and set free for distribution amongst the equity shareholders by issue of 70,45,996 equity shares of Rs. 10/- each of credited as fully paid to the equity shareholders in the proportion of one equity share for every one equity shares held by them on the record date to be decided by the Board and that such new shares, as and when issued and fully paid, shall rank pari passu with the existing shares, subject to necessary provisions & approvals.
The Board of Directors has appointed Ms. Neeta Desai, Practicing Company Secretary, as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer not later than the close of business hours on July 08, 2010. |
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