SPL Polymers - Outcome of EGM

SPL Polymers Ltd has informed that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on February 09, 2007, have accorded, subject to confirmation by the Honble High Court of Judicature at Chennai or the National Co-Law Tribunal, the paid-up capital of the Company be reduced from Rs 11,79,60,000/- divided into 1,17,96,000 equity shares of Rs 10/- each to Rs 5,89,80,000/- divided into 1,17,96,000 equity shares by cancelling Rs 5/- per equity share, which capital has been lost and is unrepresented by the available assets and setting it off against the accumulated losses of the Company.The surplus if any left over after setting off the accumulated losses be transferred to the capital Reserve Account of the Company.On such reduction the Two such equity shares be consolidated into One equity share of Rs 10/- each fully paid-up resulting 5898000 equity shares of Rs 10/- each fully paid-up with effect from the record date to be determined by the Board of Directors of the Company (the term shall be deemed to include any committee thereof) for the purpose.