The Extra-ordinary General Meeting of the Company to be held on Monday, the 22nd day of October, 2007 at 10.00 AM at its registered office situated at Trident Complex, Raikot Road, Barnala for approval of the members to issue on preferential basis for cash consideration, in terms of SEBI Guidelines and other applicable laws :
a) upto 13,30,000 (Thirteen Lac Thirty Thousand) Equity Shares of face value of
10/- each at a premium of
65/- per share to M/s. IndiaSTAR (Mauritius) Limited, Non-promoter of the Company, in accordance with the applicable law,
b) up to 13,99,998 (Thirteen Lac Ninity Nine Thousand Nine Hundred Ninety Eight) unsecured 10% fully convertible debentures (FCDs) of
100 each aggregating to
13, 99, 99,800 (Rupees Thirteen Crores Ninity Nine Lac Ninety Nine Thousand Eight Hundred only) at an Interest rate of 10% p.a. payable monthly convertible in one and more trenches within a period of 18 months from the date of allotment into equity shares of face value of
10 each at a premium of
65 per share to IndiaSTAR (Mauritius) Limited, Non-promoter of the Company .
c) to issue, offer and allot up to 23,00,000 (twenty three lacs) warrants ,carrying an option to the holder of such warrants to subscribe to one equity share of
10/- at premium of
65/- per share for every warrant held, within 18 months from the date of allotment of the warrants, to following persons, on preferential basis in accordance with the applicable law:
i) 12,00,000 (twelve lacs) warrants to Mayadevi Polycot Limited, Promoter of the Company.
ii) 11,00,000 (Eleven lacs) warrants to IndiaSTAR (Mauritius) limited, Non-promoter of the Company.”
on such terms and conditions including as to dividend, premium, conversion etc., in its absolute discretion as they deem fit .