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Borax Morarji to increase authorised capital
Posted On : 2007-04-16 03:44:35( TIMEZONE : IST )
Borax Morarji Ltd has announced that the Board of Directors of the Company at its meeting held on April 16, 2007, inter alia, has taken following decisions:
1. That subject to the approval of the Members, to be obtained by means of Postal ballot, filing of the draft scheme with the Bombay Stock Exchange and subject to the confirmation by the Hon'ble High Court at Mumbai, an amount upto a maximum of Rs 2,22,44,507/- be utilized from the Securities Premium account to provide for / adjust the diminution in the value of the investment made by the Company in the Equity Shares of The Dharamsi Moraji Chemicals Co. Ltd. (The estimated amount to be provided / adjusted on account of diminution as likely to be around Rs 1,52,00,000/-).
2. That subject to the approval of the members to be obtained by way of Postal ballot, the authorised capital of the Company be increased to a sum of Rs 20,00,00,000 divided into 1,70,00,000 equity shares of Rs 10/- each and 30,00,000 preference shares of Rs 10/- each.
3. That subject to the approval of the members to be obtained by means of Postal Ballot, consequential changes be made to the Company's memorandum & Articles of Association of the Company to reflect the enhanced Authorised Capital of the Company.
4. That subject to the approval of the members to be obtained by means of Postal Ballot, the Board of Directors of the Company be and is hereby authorised to issue & allot such number of equity shares, warrants or securities of any other kind or a combination thereof for a sum not exceeding Rs 15,00,00,000 on a rights basis to the existing shareholders of the Company (on the relevant record date as may be fixed by the Board) in proportion their shareholding and that the timing price, premium and other terms be decided by the Board.
5. That Mr. Nilesh A Pradhan, a Practising Company Secretary and Proprietor of M/s Nilesh A Pradhan & Co. has been appointed as the Scrutinizer to conduct the postal ballot process in a fair and transparent manner.