Seasons Textiles forfeits 5409700 warrants

Seasons Textiles Ltd has announced that with reference to the allotment of 54,09,700 (Fifty Four Lacs Nine Thousand and Seven Hundred) Convertible Warrants by the Board of Directors of the Company at its meeting held on March 07, 2008 on a preferential basis at a price of Rs. 14/- per warrant in pursuance to the approval accorded by the Members of the Company at the Extraordinary General Meeting (EGM) held on February 04, 2008. Each warrant was convertible into one Equity Share of the face value of Rs. 10/- at a premium of Rs. 4/- per share at the option of the warrant holders, at any time prior to expiry of 18 months from the date of allotment of the warrants i.e. September 06, 2009.

It is further informed that the said warrant holders have defaulted in making the balance payment and failed to convert the said warrants into equity share of the company in spite of notice having been addressed to them in this regard by the company, indicating that the warrants may be forfeited in the event of non-payment of balance payment and non-exercise their right to convert the warrants in to equity share of the company within stipulated time i.e. by or before September 06, 2009.

Accordingly, the Board of Directors of the Company in its meeting held on September 19, 2009, has forfeited entire 54,09,700 Convertible warrants.

Source : Equity Bulls

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