Competent Automobiles to forfeit 263500 shares

Competent Automobiles Company Ltd has announced that with reference to the allotment made by the Company on August 07, 1995 under the Public Issue of 17,57,100 Equity Shares of Rs 10 each for cash at a premium of Rs 60/- per share.

The Company has complied with all the formalities and a final notice was given on March 24, 2008 for making payment of balance amount of allotment money to all the shareholders whose shares remained unpaid, with a last opportunity to make payment of balance amount on or before May 03, 2008.

Further the Company has informed that inspite of the above said notices for making payment of balance amount of the allotment money, which was overdue for a long period from the various shareholders of the Company on 263500 Equity Shares; the Company could not receive any payment or other communication in that matter.

Therefore, the Board had considered the matter at their meeting held on May 30, 2008 and passed necessary resolution for forfeiture of the 263500 Equity Shares of Rs 10 each in the best interest of the Company.

Source : Equity Bulls

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