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| Exchange Disseminated Time | Microsec Financial Services Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 08, 2013, inter alia, has considered and approved the following :
1. Resolutions and items contained in the Notice for seeking approval of members by way of Special Resolutions through postal ballot for :
a. A Proposal for restructuring the businesses of the Company which inter alia includes
i. Consolidation of holdings within the Microsec group and bringing all the group companies under one umbrella. The Company through its subsidiaries is holding 12,50,000 Equity Shares which comprises 49.02% stake in Myjoy Fun & Food Private Limited ("Myjoy") and further the Company has also subscribed 36,50,400 nos Compulsorily Convertible Unsecured Debentures of Myjoy. It was therefore proposed to acquire controlling stake and hold with Microsec group 100% stake in Myjoy, presently an associate of the Company. The proposed restructuring also envisages making of investments in other
Group companies in a phased manner. The holding of 100% stake in Myjoy by the Microsec group shall also give control over the subsidiary companies and Limited Liability Partnership (LLP) of Myjoy Through such acquisition of control of Myjoy, the Microsec group going forward shall also have two growth oriented business -
Sastasunder.com : This portal shall be launched in e-commerce space for high quality health care at low cost.
Foreseegame.com : This portal shall be launched in the field of gaming as game of prediction through skill.
ii. Consequent upon implementation of the restructuring proposal make the Company a Core Investment Company as defined under the regulations and guidelines of Reserve Bank of India, if so required.
b. Amendment to the Other Object Clause of the Memorandum of Association of the Company by inserting a new clause 30 after existing clause 29 as follows :
"To establish and carry on the business of White Label ATM networks in terms of Payment and Settlement Systems Act, 2007, independently or is association with other services providers as a joint venture or otherwise."
c. Commencement of new business as per provisions of Section 149 (2A) of the Companies Act, 1956 as mentioned above in Other Objects Clause of the Memorandum of Association of the Company. |
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