JIK Industries to implemente BIFR order

JIK Industries Ltd has announced that a meeting of the Board of Directors of the Company will be held on March 30, 2007, inter alia, to implement Hon'ble BIFR Order to increase the present Authorised Capital, to issue on private placement basis, Equity Shares, Convertible Bonds, warrants to investors, promoters, associates, and to issue fresh equity shares to Banks / FIs as part of fulfilling their dues and to induct nominee directors on the Board of Directors.

The Company has further informed that the Board will also consider cancellation of equity shares issued on Preferential basis to Promoter Ms. R G Parikh on June 29, 2006 as per CDR Package and also to consider remedial measures to ratify and re-allot the aforesaid equity shares.

Source : Equity Bulls

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