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MIDLAND POLYMERS LTD.
(531597)
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22/09/2023
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As per the Resolution Plan approved by Hon’ble National Company Law Tribunal, Indore Bench:-
Extinguishment of Shareholding of the Promoter and promoter group and Reduction of Shareholding of the Public Shareholders :
The entire Issued, Subscribed, Paid up Equity Share Capital (i.e., 100%) held by the (erstwhile) promoter group; and
Further, public holding of 12,36,09,700 Equity shares of Re. 1 each would be reduced by 99% and therefore as a result, the same will stand at 12,36,097equity shares of Re. 1/-each after reduction of capital. The said reduced capital is proposed for consolidation from equity shares of Re. 1/- each into equity shares of Rs. 10/- each will stand at 1,23,610 equity shares of Rs. 10/- each.
The public shareholders are proposed to be allotted new shares after capital reduction, and consolidation into shares of Rs. 10/- each.
Example, for every 1,000equity shares of Re. 1/- each held by the public shareholders, their shareholding will come down to 10 equity shares of Re. 1/- each and subsequently after consolidation, it will stand at 1 (one)equity share of Rs.10/- each. The existing public holding of 12,36,09,700 equity shares of Re.1/- fully paid shall be reduced to 12,36,097equity shares of Re. 1/- fully paid up and thereafter will be consolidated into 1,23,610 equity shares of Rs. 10/- each.
Therefore, out of total existing paid up capital of 13,58,74,700 equity shares, 13,46,38,603 equity shares of Re.1/- each will be cancelled and extinguished which is divided into 1,22,65,000equity shares of Re.1/- each of the erstwhile promoters and 12,23,73,603equity shares of Re.1/- each of the existing public
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