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| Exchange Disseminated Time | Wanbury Ltd has informed BSE that the members of the Company will consider to approve by way of Postal ballot the Special Resolution:
1. To make investment (s) in Share (s) / Security (ies) of (a) a wholly owned subsidiary (WOS) company to be incorporated in India (therefore the specific name of WOS is not being given) and (b) a wholly owned subsidiary company to be incorporated in a Tax Free Zone, in the Middle East (therefore the specific name is not being given) and / or
2. To give loan (s) to (a) a wholly owned subsidiary company to be incorporated in India and (b) a wholly owned subsidiary company to be incorporate in a Tax Free Zone, in the Middle East and / or.
3. To give guarantee (s) or provide security (ies) directly or indirectly any Bank (s) and / or any Financial Institution (s) and / or any Lender (s), for the loan given / to be given to (a) a wholly owned subsidiary company to be incorporated in India and (b) a wholly owned subsidiary company to be incorporated in a Tax Free Zone, in the Middle East for an amount not exceeding Rs 35 Crore (Rupees Thirty Five Crore only) over and above the existing eligible limit, whether utilized or unutilized, specified in Section 372 A (1) i.e. sixty per cent of the Company’s paid-up share capital and free reserves or one hundred per cent of Company's free reserves, whichever is more.
The Board has appointed Mr. Ajit Sathe, Practicing Company Secretary, Mumbai as Scrutinizer for conducting the postal ballot process in a fair & transparent manner.
The postal ballot form duly completed should reach the Scrutinizer on or before September 12, 2008. The Scrutinizer will submit his report to the Company after completion of the scrutiny of the postal ballot form and the results of the postal ballot form will be announced on September 16, 2008. |
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