Kasat Paper to change name as Ganga Papers India Ltd, to issue shares

Kasat Paper & Pulp Ltd has announced that the Board of Directors of the Company at its meeting held on January 15, 2007, has decided on the following issues:

1. The change of name of the Company from "Kasat Paper & Pulp Ltd" to "Ganga Papers India Ltd."

2. As per the scheme approved by the Honbl. BIFR, preferential allotment to the tune of Rs 10 Crore (10,000,000 equity shares of Rs 10/- each) was made to the new promoters and the shares were allotted to the following persons from the Promoter group:

a) RAS Polytex Pvt Ltd - 4,065,000 No. of shares
b) Sab Computing Pvt Ltd - 300,000 No. of shares
c) Anju kanoria - 340,000 No. of shares
d) Sadhna Kanoria - 150,000 No. of shares
e) Sandeep Kanoria - 90,000 No. of shares
f) Sanjay Kanoria - 242,500 No. of shares
g) Varanasi Jute Bag Industry Pvt Ltd - 140,000 No. of shares
h) Ganga Pulp & Papers Pvt Ltd - 4,672,500 No. of shares

3. Mr. Amit Chaudhari was appointed as an additional director of the Company.

4. It was decided to take up the matter with CDSL / NSDL for admitting Company's share for dematerialization.

5. The Board has decided that in order to have the uniformity in preparing the financial accounts for income tax and Company law matter, the financial year of the Company will end every year on March 31st and accordingly the current financial year will be from July 01, 2006 to March 31, 2007.

Source : Equity Bulls

Keywords