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Shaily Engineering Board to consider issue of preference shares



Posted On : 2007-04-17 03:44:47( TIMEZONE : IST )

Shaily Engineering Board to consider issue of preference shares

Shaily Engineering Plastics Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 24, 2007, in order to convene an Extra Ordinary General Meeting of the shareholders of the Company to discuss and transact the following:

1. Recommend to shareholders for Increase of Authorized Capital from Rs 10,00,00,000/- to Rs 16,00,00,000/-.

2. Recommend to shareholders to Reclassify the Authorized Capital into 76,00,000 Equity Shares of Rs 10/- aggregating to Rs 7,60,00,000/- and 15,00,000, 7% Participatory Redeemable Cumulative Convertible Preference Shares of Rs 56/- each aggregating to Rs 8,40,00,000/-.

3. Recommendation to shareholders for Passing of Resolution under section 81 (1A) of the Companies Act, 1956 for Preferential allotment of 7% 8,40,00,000 Participatory Redeemable Cumulative Convertible Preference Shares of Rs 56/- each to person belonging to non-promoter group.

Source : Equity Bulls

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