Industrial Organics to change names as IOL Chemicals and Pharmaceuticals Ltd

Industrial Organics Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 02, 2006, inter alia, to transact the following:

1. To Change the name of the Company from "Industrial Organics Ltd" to "IOL Chemicals and Pharmaceuticals Ltd".

2. To mortgage and/or charge in addition to the mortgages / charges created / to be created by the Company in such form and manner and with such ranking and at such time and on such terms as the Board may determine, on all or any of the movable and / or immovable properties of the Company, both present and future and / or the whole or any part of the undertaking(s) of the Company together with in favour of the lender(s), agent(s), trustee(s) for securing the borrowings of the company availed / to be availed by way of loan(s) (in foreign currency and in rupee currency), working capital limits and securities (comprising of fully / partly convertible debentures and/or secured premium notes and/or floating rates notes / bonds or Other debt instruments), issued / to be issued by the Company, from time to time, in one or more tranches, upto an aggregate limit of Rs 250 crores as approved under section 293(1)(d) of the Companies Act, 1956 together with interest at the respective agreed rates, additional interest in case of default, accumulated interest, liquidated damages, commitment charges, premia on prepayment, remuneration of the agent(s) and/or trustee(s), premium (if any) on redemption, all other costs, charges and expenses, including any increase as a result of devaluation / revaluation / fluctuation in the rates of exchange and all other monies payable by the Company in terms of the respective loan agreement(s), heads of agreements(s), debenture trust deed(s) or loan agreements or any other document entered into / to be entered into between the Company and the lender(s) / investor(s) / agent(s) and / or trustee(s) in respect of the said and continuing such specific terms and condition and convenants in respect of enforcement of security as may be stipulated in that and agreed to between the Board of Directors or any Committees thereof and the lender(s), agent(s) and / or trustee(s).

Source : Equity Bulls

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