Crest Animation adjusts losses against Share Premium Account

Crest Animation Studios Ltd has announced that a scheme for adjustment of accumulated losses as at March 31, 2006 against the Share Premium Account as at March 31, 2006 under Section 100 to 104 read with section 78 of the Companies Act, 1956 had been filed with the Hon'ble High Court with the approval of shareholders of the Company.

The Hon'ble High Court vide its order dated March 02, 2007 approved the Scheme and quoted as follows:

"The debit balance of Rs 15,31,89,310/- in the Profit and Loss Account as at March 31, 2006 is adjusted against the balance standing to the credit of the Share Premium Account to the extent of Rs 15,31,89,310/- as at March 31, 2006 in the books of the Petitioner Company, in terms of the Special Resolution passed at the Extraordinary General Meeting held on January 16, 2007.

Accordingly, the Share Premium Account is reduced from Rs 90,31,67,873/- to Rs 74,99,78,563/- with effect from April 01, 2006".

Shares of the company were trading at Rs.93.70, up by Rs.1.60 or 1.74% on volume of 11079 compared to 2 week average volume of 45517 shares.

Source : Equity Bulls

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