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| Exchange Disseminated Time 13/02/2016 16:02:13 | Fiberweb India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on February 12, 2016, has transacted the following:
1. The Board of Directors of the Company has considered to issue and allot new shares to all present shareholders as the paid up Equity share capital has been written down by 40% as per BIFR order and cancel existing share certificate from record date which was February 10, 2016.
2. The Board of Directors of the Company has considered to issue & allot new shares to the extent of Rs. 600 Lacs to Promoters and their relatives and Friends and Strategic Investor as per BIFR order and the same shall be subject to Lock in for a period of three years from the date of allotment for Promoters and their relatives and friends and one year from the date of allotment for Strategic Investor, The entire preholding of allottees shall be subject to Lock in for a period of Six months from the date of allotment.
3. The company has appointed Mrs. Soniya P. Sheth as trustee for Fractional shares. The board of directors of company shall consolidate fractional entitlements to which the shareholders of company may be entitled on issue and allotment of the equity shares of FIL and allot such fractional entitlement directly to an individual trustee Ms. Soniya P. Sheth, who shall hold such entitlements. The same will be sold and the proceeds will be distributed to the respective share holders in accordance with the existing guidelines of the stock exchange.
4. The company has appointed M/s. Kala Agarwal, Practicing Company Secretary to conduct Secretarial Audit for Financial Year 2015-2016.
5. The Company has considered and adopted SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 hence the Board has signed new Listing Agreement and the same will be submitted to the Exchange.
6. The Board of Directors has appointed Mr., Rajinder Kumar Jain as an Additional Director as per BIFR order. |
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