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| Exchange Disseminated Time | House of Pearl Fashions Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the ordinary resolution to vary, modify, alter, add or delete the objects and use of proceeds ('Issue Proceeds') of the initial public offer of equity share made by the Company through 100% book building process ("issue") as contained in the prospectus dated January 29, 2007 ("Prospectus") as follows:
The objects of the issue and use of issue Proceeds be and are hereby revised as set out in Annexure — A of the explanatory statement attached to this notice of postal ballot and the surplus funds of Rs 163.55 million, net of issue expenses, left from revisions set out at Points 1 to 5 of Annexure A be applied towards the following objects proposed to bicarried on by the Company through subsidiaries or joint ventures:
(i) a new object, viz. acquisition of existing companies or softing up joint venture companies with experts for marketing and distribution or wholesale and supply businesses in the apparel, accessories or related segments within or outside India.
(ii) in meeting the increased cost of setting up / acquiring a branded retail business in India through investments in jointventure / subsidiary Company (ies) and an existing brand in the United States of America or the United Kingdom.”
The Board of Directors has appointed Mr. Deepak Bansal, Company Secretary in practice, New Delhi 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 June 21, 2008. The scrutinizer will submit his report to the Chairman after completion of the scrutiny and the results of the postal ballot will be announced on by the Chairman, or his absence, Managing Director on June 23, 2008. |
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