Marathon Nextgen Board recommends 2:1 bonus issue

Marathon Nextgen Reality & Textiles Ltd has announced that the Board of Directors of the Company at its meeting held on June 29, 2007, has been transacted the following business subject to the consent of the shareholders at the ensuing Annual General Meeting:

1. Re-appointment of Managing Director for a further period of three years with effect from July 01, 2007 and the remuneration payable to him has been approved.

2. The increase in the Authorised Share Capital of the Company from Rs 15 Crores to Rs 50 Crores has been approved.

3. The issue of Bonus shares in the ratio of 2 (two) equity shares for every one share has been recommended.

5. M/s. Haribakthi & Co., Chartered Accountants has been appointed as Auditors of the Company from the conclusion of the ensuing Annual General Meeting until the conclusion of the next Annual General Meeting.

Source : Equity Bulls

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