Wanbury to issue Notice of Postal Ballot

Wanbury Ltd has announced that the members of the Company will consider to approve the following Special Resolution by way of Postal Ballot, to make investment(s) in Shares / Securities give loan(s) or give guarantee(s) or provide security(ies) directly or indirectly in favour of (1) Wanbury Holdings B V, a wholly owned Subsidiary Company of the Company, Amsterdam, Netherlands, (2) Cantabria Pharma S L, a Spanish Pvt Ltd Company, Madrid, Spain, (3) any bank(s) and/or (4) any financial institution/s, for an amount not exceeding Rs 400/- Crores over and above the existing eligible limit, whether utilized or unutilized specified in Section 372A (1) i.e., sixty per cent of the Company's paid-up share capital and free reserves or one hundred per cent of Company's free reserves, whichever is more, subject to necessary provisions & approvals.

The Company has appointed Mr Ajit Sathe, Practicing Company Secretary, Mumbai as Scrutinizer for conducting the postal ballot process in a fair and transparent manner.

The Postal Ballot form duly completed should reach the scrutinizer on or before November 28, 2006. The Scrutinizer will submit his report to the Company after completion of the scrutiny of the Postal Ballot forms and the results of the Postal Ballot will be announced on November 30, 2006.

Source : Equity Bulls

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