JM Financial forfeits 9200 shares

JM Financial Ltd has further announced with reference to the earlier announcement dated July 28, 2008 about the decision of the Board of Directors to forfeit 10,300 partly paid equity shares (calls in arrears cases) of the Company, that in accordance with the Articles of Association of the Company, the Company had sent a notice dated July 28, 2008 calling upon the shareholders of the above shares to pay the amount of allotment/call monies together with interest thereon @ 9% per annum on or before August 11, 2008. Consequently, the Company had received allotment moneys together with interest thereon from 5 shareholders in respect of 1,100 shares. With this, the number of shares to be forfeited in accordance with the Board's decision stands reduced to 9,200 shares.

The Company has therefore forfeited the 9,200 partly paid up equity shares and accordingly the notice of forfeiture of the said shares is being sent to the concerned shareholders in accordance with Article 45 of the Articles of Association of the Company.

Source : Equity Bulls

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