The Board of Directors in its meeting held on 23.06.2007 has approved the following matters:
1. Allotment of 15,00,000 Equity Shares to M/s Mayadevi Polycot Limited (Promoter) and 11,00,000 Equity Shares to M/s Chamunda Traders Private Limited (Strategic Investor) face value of
10/- each at the Price of
42/- per share on Preferential basis.
2. Re-appointment of Sh. Varinder Gupta as Managing Director of the Company
3. Annual Accounts for the Financial Year ended 31st March, 2007.
4. Audited Financial Results for the quarter/year ended 31st March, 2007
5. Issue of Securities to Qualified Institutional Buyers (QIBs) in accordance with the provisions of Chapter XIII A of SEBI (DIP) Guidelines,2000 for an amount not exceeding
50 crores (Rupees Fifty Crores).
6. Raising of sources through issue of securities in the international market upto United State Dollars 10 (ten) Millions
7. Increase in the Authorised Share Capital of the Company from
20 crores to
8. Issue of 57,00,000 warrants, carrying an option to the holder of such warrants to subscribe to one equity share of
10/- for every warrant held, within 18 months from the date of allotment of the warrants at the price to be fixed as per SEBI Guidelines to the Promoters and Other Strategic Investors on the Preferential basis.
9. Convening of Extra-ordinary General Meeting on 23.07.2007