Announcements

Outcome of the Extra-Ordinary General Meeting held on 19 February 2008.

The members at the Extra Ordinary General Meeting (EGM) of the Company held on February 19, 2008, inter alia, have accorded the following:

  1. Authority to the Board with power to delegate all or any of the powers conferred to any committee thereof to create, offer, issue, allot and deliver in one or more tranches on a preferential basis up to 4,50,000 (Four lakh fifty thousand only) Equity Shares of the Company, of the face value of Rs.10/- each, for cash, which shall rank pari-passu in all respects with the existing Equity Shares of the Company, at a price of Rs. 135/- (including a premium of Rs.125/-) being a price not lower than the price as arrived in accordance with the terms of Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000 to Mr. Rakesh Jhunjhunwala and Mrs. Rekha Jhunjhunwala.
  2. Authority to the Board with power to delegate all or any of the powers conferred to any committee thereof to create, offer, issue, allot and deliver in one or more tranches on a preferential basis up to 4,50,000 (Four lakh fifty thousand only) warrants carrying an entitlement to subscribe to an equivalent number of Equity Shares of Rs.10/- each, for cash, which shall rank pari-passu in all respects with the existing equity shares of the Company, at a price of Rs. 135/- (including a premium of Rs.125/-) being a price not lower than the price as arrived in accordance with the terms of Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000 to Mr. Rakesh Jhunjhunwala, and Mrs. Rekha Jhunjhunwala not belonging to promoter group on such terms and conditions, as the Board may deem appropriate in its absolute discretion.
  3. Authority to the Board with power to delegate all or any of the powers conferred to any committee thereof to create, offer, issue, allot and deliver in one or more tranches on a preferential basis up to 3,50,000 (Three lakh fifty thousand only) warrants carrying an entitlement to subscribe to an equivalent number of Equity Shares of Rs.10/- each, for cash, which shall rank pari-passu in all respects with the existing equity shares of the Company, at a price of Rs. 135/- (including a premium of Rs.125/-) being a price not lower than the price as arrived in accordance with the terms of Chapter XIII of SEBI (Disclosure and Investor Protection) Guidelines, 2000 to Mr. Kishore Dutt Atluri, President of the Company (a relative of the Promoter), and Mr. M. Ravi Kumar, Whole-time Director (Promoter of the Company) and on such other terms and conditions, as the Board may deem appropriate in its absolute discretion.
  4. Increase the authorized share capital of the Company from Rs.10,00,00,000 (Rupees ten crores divided into 1,00,00,000 (One crore only) Equity Shares of Rs.10/- (Rupees ten only) each to Rs.20,00,00,000 (Rupees twenty crores only) divided into 2,00,00,000 (Two crore only) Equity Shares of Rs.10/- (Rupees ten only) each.) each and consequential amendment in the Memorandum & Articles of Association of the Company
  5. Deletion of Article 35(b) of the Articles of Association of the Company which is reducing the borrowing powers of the Board than the powers conferred on it by the Companies Act, 1956.