BIFR sanctions Citurgia Biochemicals Rehabilitation schemeq

The Board of Directors of Citurgia Biochemicals Ltd at its meeting held on April 10, 2007, inter alia, took the following decisions:

1. The Board noted that Hon'ble BIFR vide its order dated January 12, 2007, read with Sanctioned Rehabilitation Scheme, has directed that the paid up share capital of the Company shall stand reduced by 95% i.e. from Rs 338.12 Lacs to Rs 16.906 Lacs.

2. For the aforesaid purpose of reduction of capital, 1 Equity share of Rs 10/- each will be allotted as fully paid up in view of 20 Equity shares of Rs 10/- each to the Shareholders of the Company.

3. The Board noted that the Co-Promoter M/s. Elite Capital and Management Services Pvt Ltd, and its Associate Companies have already brought in Rs 625 Lacs by way of Share Application / Allotment money towards their contribution in the Share capital of the Company. The Board decided to apply to the Bombay Stock Exchange Ltd for granting in-principle approval for issue arid allotment of 62,50,000 equity shares of Rs 10/- after giving effect to the reduction of Paid-up share capital of the Company.

4. The Board decided that out of 10,00,000 unclassified shares of Rs 10/- forming part of the Authorised Share Capital of the Company, 5,00,000 shares be classified as 5,00,000 Equity shares of Rs 10/- each and accordingly the Authorised Share Capital of the Company shall comprise of 65,00,000 Equity shares of Rs 10/- each and 5,00,000 unclassified shares of Rs 10/- each.

5. The Board decided to shift the Registered office of the Company from its present situation at Neville House, J N Heredia Marg, Ballard Estate, Mumbai to 46, G.G.S. Road, Mulund Colony, Near J J School, Mulund (West), Mumbai, with immediate effect.

Source : Equity Bulls

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