Ventura Textiles Board to consider business plans

A meeting of the Board of Directors of Ventura Textiles Ltd will be held on April 17, 2007, inter alia, to consider the following:

1. (i) To approve the terms and conditions of the credit facilities sanctioned by State Bank of India towards part funding of the setting up of a State-of-the-art Dyeing and Processing House (Expansion cum forward integration project).

(ii) Proposal for Preferential Issue towards Equity Funding.

2. Proposal to submit application to BIFR for their approval viz,

i. To write-off 75% of the existing Equity Share Capital and the required existing reserves and surplus against the accumulate losses of the Company.

ii. Subsequent to the reduction of the share capital, consolidate the Face Value of the Equity Shares to Rs 10/- each from the existing Face Value of Re 1/- each.

iii. Exemption from applicability of SEBI Regulations and other rules / regulations / guidelines / listing agreement relating to Preferential Allotment of Equity Shares to the Promoters and the other investors for the above mentioned new project.

iv. Exemption from applicability of SEBI Regulations and other rules / regulations / guidelines / Listing agreement relating to Substantial Acquisition of Shares and Takeovers, in connection with conversion of the existing Optionally Fully Convertible Share Warrants issued on Preferential Basis to the Promoters of the Company.

e. To direct the Non-regional Stock Exchanges viz. Coimbatore Stock Exchange and Delhi Stock Exchange to waive the arrears of listing fees payable by the Company and to delist the shares of the Company from the said Non-regional Stock Exchanges and

f. Any / all matters incidental & ancillary to the above.

Source : Equity Bulls

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