Flex Industries to issue OFCD, enter real-estate business

Flex Industries Ltd has announced that the Board of Directors of the Company at its meeting held on November 30, 2006, has considered, noted and approved the following:

1. Noting of Order dated October 06, 2006 read with Order dated November 09, 2006 of the Honourable High Court of Delhi approving the Scheme of Arrangement and addition to Main Objects of the Company (Transferee Company) to provide more detailed description of activities presently undertaken by Flex Engineering Ltd and FCL Technologies & Products Ltd (Transferor Companies) subject to the approval of the Members of the Company through Postal Ballot Process.

2. Issuance of 13,15,200 Zero Rate Secured Optionally Fully Convertible Debentures of Rs l00/- each to Specified Financial institutions viz. UTI, IDBI, IFCI and LIC upon conversion of 54,80,000 Equity Shares of Rs 10.00 each issued earlier pursuant to the Negotiated Settlement Scheme.

3. Undertaking of new business of infrastructure and real estate development activities on its own or by way of floating subsidiary and consequential additions to the Main Object Clause of the Memorandum of Association of the Company incorporating objects with regard to infrastructure and real estate development activities subject to the approval of the Members of the Company through Postal Ballot Process.4. The Company’s proposal for change of the name of the Company subject to necessary approval.

Source : Equity Bulls

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