Transport Corporation members approve stock-split through Postal Ballot

Transport Corporation of India Ltd has announced that the members of the Company by way of Postal Ballot have passed the following Ordinary / Special Resolutions with requisite majority:

1. The Authorized Share Capital of the Company be altered by sub-dividing the existing 2,00,00,000 equity shares of Rs 10/- each into 10,00,00,000 equity shares of Rs 2/- each & consequential amendments in Memorandum & Articles of Association of the Company.

2. Authority to the Board for creation of such Mortgages and Charges or in such other form in addition to the Mortgages / Charges already created / to be created by the Company, if required, in favour of financial institutions / Banks for loans / working capital limits availed subsequent to the existing Mortgages, Charges and hypothecation created by the Company of all or such of the present and future movable / immovable properties of the Company as the Banks / Financial Institutions / Trustees may desired for securing the debentures / loans / working capital facilities etc., together with interest and all other moneys payable by the Company in connection therewith from time to time, in one or more tranches, upto an aggregate limit of Rs 500 Crores as also approved under Section 293(1)(d) of the Companies Act, 1956.

3. To sell, transfer or otherwise dispose off by the Board of Directors of the company of all the movable and / or immovable properties, if any relating to Fuel Pumps Division of the company to TCI India Ltd, an associate group Company at such consideration / terms as the Board of Directors of the Company may determine.

Source : Equity Bulls

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