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Stock Report
Richirich Agro reduces capital
Posted On : 2006-10-30 02:23:35( TIMEZONE : IST )
Richirich Agro Ltd has announced that the Board of Directors of the Company at its meeting held on October 27, 2006, inter alia, has taken place the following business:
1. The order of the honorable High Court of Mumbai is being taken on record and same is being approved for submission with the Registrar of Companies, Maharashtra State by the Company Secretary.
The honorable High Court has accepted the petition of the Company and had approved the following matters.
a) Reduction of Share Capital:
Pursuant to section 100(1)(b) of the Companies Act, 1956, the issued and paid-up share capital of the Company be reduced from 48,00,000 equity shares of Rs 10/- each fully paid up to 48,00,000 equity shares of Rs 5/- each fully paid-up by reducing existing paid up share of Rs 10/- each to Rs 5/- per equity share and paid up.
b) Alteration of Capital Clause in the Memorandum of Association:
In Pursuance of Section 16, 94 and all other-applicable provisions, of the Companies Act, 1956, the existing Clause V(a) of the Memorandum of Association of the Company relating to Share Capital of the Company be altered by deleting the same and substituting the same and submitting in its place the following Clause V(a):
The authorised Share Capital of the Company is Rs 5,00,00,000 divided, in to 99,96,000 equity shares of Rs 5/- each and 2000 11% Non-Cumulative Redeemable Preference shares of Rs 10/- each.
Alteration of Article 4 of Articles, of Association of the Company:
Consequently amendment in Article 4 of the Articles of Association of the Company is approved to be made.
2. The Board has also taken on record the letter of approval of name being received from the registrar of Companies, Maharashtra state, and approved by the shareholders in the annual general meeting held on dated September 29, 2006 confirming the change of name to "Richirich Inventures Ltd", and therefore Board has approve the resolution authorizing Company secretary to take necessary steps and complete the formalities with the Registrar Of Companies, Maharashtra State and get the certificate of incorporation of altered name of the Company.
