Nam Credit Updates on Outcome of EGM

Nam Credit & Investment Consultants Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 01, 2007, have transacted the following:

1. Authority to the Board to offer and issue for cash on a preferential basis the following securities on such terms as may be deemed appropriate by the Board, provided that the price of the security so issued shall not be less than Rs 15/- per security being the price calculated with reference to the "relevant date that is January 30, 2007" as described under the guidelines for the preferential Issues contained in Chapter XIII of the SEBI (Disclosure & Investor Protections Guidelines), 2000.

(a) Upto 7,50,000 warrants convertible into 7,50,000 equity shares at a price of Rs 15/- per warrant, being the price determined in accordance with the SEBI (Disclosure & Investor Protection) Guidelines, 2000 ("SEBI Guidelines") as in force on the date of this Notice, on such terms and conditions including conditions as to dividends, premium, conversion, etc. as the Board may, in its absolute discretion, deem fit and in accordance with the Articles of Association of the Company and the SEBI Guidelines as in force, to the following entities belonging to the non promoter category of the Company.

(b) Upto 13,67,000 warrants convertible into 13,67,000 equity shares at a price of Rs 15/- per warrant being the price determined in accordance with the SEBI (Disclosure & Investor Protection) Guidelines, 2000 ("SEBI Guidelines) as in force on the date of this Notice, on such terms and conditions including conditions as to dividends, premium, conversion, etc. as the Board may, in its absolute discretion, deem fit and in accordance with the Articles of Association of the Company and the SEBI Guidelines as in force, to the following entities belonging to the Promoter category of the Company.

Resolved further that, Rs 1.50/- per warrant amounting to 10% of the total subscription price in respect of the Equity Shares that may be allotted upon conversion of the Warrants determined in accordance with the SEBI Guidelines be paid up front on the date of the allotment of the warrants.

The motion was declared failed by the Chairman due to want of requisite majority in its favour.

2. As the motion for allotment of warrants convertible into equity shares had been failed; the majority of members in favour & had opinion that there was no need to increase the authorised share capital. Therefore, the motion for increase of authorised share capital of the Company was not proposed to be passed & it was failed.

3. As the motion for allotment of warrants convertible into equity shares & increase the authorised capital were failed; the majority of members in favour & had opinion that there was no need to amend the Memorandum of Association. Therefore, the motion for alteration of Memorandum of Association of the Company was not proposed to be passed & it was failed.

4. As the motion for allotment of warrants convertible into equity shares & increase the authorised capital were failed; it was the opinion of majority of members that the Article Of Association was to be altered only consequent upon to the increase the authorized share capital of the Company & there was no need to amend the Article of Association. Therefore, the motion for alteration of Article of Association of the Company was not proposed to be passed & it was failed.

Source : Equity Bulls

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