Kohinoor Broadcasting decides on GDR issue

Kohinoor Broadcasting Corporation Ltd has announced that the Board of Directors of the Company at its meeting held on May 12, 2007, inter alia, has taken the following decisions:

1. Decided to open current accounts at J&K Bank Chandigarh and UTI Bank Ltd., Patiala and authorized Mr. Harjinder Singh, Director to operate the account.

2. Authorized Mr. Harjinder Singh, Director to open and operate the account with Bankers to the GDR at London for deposit of GDR proceeds.

3. Approved the budget for the financial year 2007-2008.

4. Authorized Mr. Harjinder Singh to finalize the escrow agreement, deposit agreement, placing agreement and listing agent agreement in consultation with the lead managers.

5. Also took note of the various actions taken by the Managing Director, Mr. Mangal Singh and Director Mr. Harjinder Singh in connection with the GDR issue.

Source : Equity Bulls

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