Wearology Board Approves Increase In Authorised Share Capital

Wearology Ltd has informed that the Board of Directors of the Company at its meeting held on December 29, 2006, inter alia, has considered and approved the following:

1. Increase in Authorised Share Capital from Rs 7,00,00,000/- to Rs 12,00,00,000/- divided into 1,20,00,000 Equity Shares of Rs 10/- each by creation of an additional 50,00,000 Equity Shares of Rs 10/- each and Alteration of Memorandum of Association of the Company consequent upon the increase in the Authorised Share Capital.

2. Granting of authority to the Board of Directors of the Company to acquire shares by way of subscription, purchase or otherwise in other bodies corporate at an aggregate consideration to the extent of approximately Rs 15 crores subject to the approval from the members of the Company as required under Section 372A of the Companies Act, 1956.

3. Alteration of the Memorandum of Association of the Company for introducing new object clause relating to the Construction activities.

4. Approval of Merger of Suvijay Exports Ltd, a listed Company, having its registered office at Kolkata, with the Company.

5. Approval of the notice for obtaining consent of the members by means of Postal Ballot as required pursuant to Section 192A of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 for the matters relating to granting of authority to the Board of Directors under Section 372A of the Companies Act, 1956 and approval for alteration of the Objects Clause of the Memorandum of Association of the Company.

6. Approval of the notice for convening the Extra-ordinary General Meeting of the members of the Company for the matters referred to above.