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| Exchange Disseminated Time | Infomedia 18 Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following Resolutions:
1. Accorded that the aggregate of the net assets of the Demerged Undertaking standing in the books of accounts of the Company transferred to the Network18 as increased by the debit balance of Profit and Loss Account of the Company at the close of business of the day immediately preceding the Appointed Date, shall be adjusted against Capital Reserve Account and Securities Premium Account in the order specified or upto such amount as may be deemed necessary by the Board while implementing the Scheme, subject to necessary provisions & approvals.
2. To vary the objects intended to be funded from the proceeds of the rights issue of the Company of 2,98,20,569 Equity Shares (“Issue”) as mentioned in the Letter of Offer dated December 9,2009 issued by the Company, such that the amount of approximately Rs. 1069.10 lakhs, remaining unutilized from the specified objects of a) Upgradation of Machinery in Printing Press of the Company, b) the savings on issue expenses c) excess amount left after repayment of Loan of Standard Chartered Bank and , d) investment in voice based and online directory and Information services, be utilized and deployed for General Corporate Purposes and that the said amount may be utilized and deployed for the said purposes up to the financial year ending March 31, 2012 and also the unutilized amount of Rs. 178.29 lakhs remaining unutilized from the objects of Expansion of Call Centre, Investment in Brand Building initiative and General Corporate Purposes, may be utilized and deployed for the respective purposes up to the financial year ending March 31, 2012, subject to necessary provisions & approvals.
The Board of Directors has appointed Mr. Rajiv Adlakha, 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 on or before the close of working hours on March 11, 2011. The scrutinizer will submit his report to the Chairman / Managing Director / Company Secretary of the Company immediately after completion of the scrutiny and the results of the voting by postal ballot shall be declared on March 18, 2011. |
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