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Intimation of the approvals accorded by the shareholders at the EGM of the Company held on September 16, 2006 |
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Mumbai, September 16, 2006: (1) At the Extraordinary General meeting of the Company held on September 16, 2006, the shareholders have approved the formulation of a new Employee Stock Option Scheme (ESOP) for issue of stock options, not exceeding an aggregate of 15,00,000 equity shares of the Company, for the benefit of the employees of the Company including the Independent Directors.
(2) Further, the shareholders have also approved the issue of 47,62,500 convertible warrants (“Warrants”), on a preferential basis, to the following persons: -
Names of the proposed allottee | Number of Warrants |
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| 1. Shri Gopikishan S. Damani |
11,00,000 |
| 2. Shri Rakesh Jhunjhunwala |
7,00,000 |
| 3. Smt. Rekha Jhunjhunwala |
20,00,000 |
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M/s. ASK Investment & Financial Consultants Pvt. Ltd |
6,50,000 |
| 5.
Shri Ramesh S. Damani |
12,500 |
| 6.
Shri C. Y. Pal |
50,000 |
| 7.
Shri Vijay Aggarwal |
2,50,000 |
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Each of the aforesaid warrant would be convertible at the sole option of the holder, any time before the expiry of 18 months, from its allotment into 1 fully paid up equity share of the Company of face value Rs.10/- each, at an exercise price (including premium) decided by the board of Directors which is not lower than the minimum price specified as per Clause 13.1.1.1 of Chapter XIII of SEBI Guidelines but not higher than Rs. 113/- per Warrant, and the issue of fresh equity shares upon conversion of the Warrants, shall be subject to such further terms and conditions, as may be finalized by the Board of Directors. It has been decided that, upon the approval of the shareholders, in accordance with Clause 13.1.2.3 of Chapter XIII of SEBI Guidelines, an amount of Rs.13/- per Warrant shall be payable by the allottees on the date of allotment of the said Warrants. The balance monies of Rs.100/- per Warrant shall be payable by the allottees, at the time of conversion of the Warrants into equity shares.
(3) The shareholders have also approved the re-appointment of Mr. Pramod Khera as the Managing Director of the Company for a period of 5 years with prospective effect from 28th December 2006 alongwith a revision in his remuneration.
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Sree Vidhya Raju
Assistant General Manager
& Company Secretory |
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