JIK Industries defers decision to increase authorised capital

JIK Industries Ltd has announced that the Board of Directors of the Company at its meeting held on March 30, 2007, has considered the following:

1. The Hon'ble BIFR Order dated March 05, 2007 and decided to defer the decision for increase in Authorised Capital of the Company and to issue on private placement basis equity shares, Convertible bonds, warrants to investors, promoters and associates. The Board has proposed to allot equity shares to Life Insurance Corporation of India and Stressed Assets Stabilization Fund as part of the Settlement of their dues in conformity with terms & condition of their sanction letter and after complying with the required formalities.

2. Further Shri. R V Iyer appointed as a Special Director on the Board of the Company - nominee of Hon'ble BIFR.

3. Further to cancel 8549407 equity shares of Re 1/- each (854941 equity shares of Rs l0/- each after consolidation) allotted to Promoter Mr. R G Parikh on Preferential basis on June 29, 2006 as per directives received from Stock Exchanges.

Source : Equity Bulls

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