Lactose India EGM to approve cancellation of shares

Lactose India Ltd has announced that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on December 18, 2006, inter alia, to transact the following business:

1. Alteration in the Articles of Association of the Company by replacing the Article no. 3 in place of the original Article no. 3 in the Articles of Association of the Company.

2. Issued and paid up Share Capital of the Company be diminished from Rs 6,42,00,000/- to Rs 5,52,00,000/- by canceling 9,00,000/- equity shares of Rs 10/- each aggregating to Rs 90,00,000/-, Issued on preferential basis to an allottee only, and now which forms part of the Authorized Share Capital of the Company, and which has been surrendered by the said allottee for non fulfillment of certain conditions as agreed upon orally at the time of the said preferential issue, subject to necessary provisions and approvals.

Source : Equity Bulls

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