NEPC Textiles - Outcome Of Board Meeting

NEPC Textiles Ltd has informed that the Board of Directors of the Company at its meeting held on May 14, 2007, inter alia, has transacted the following:1. The Board discussed the matter and resolved, subject to the consent of the shareholders in general meeting of the Company and the confirmation of the High Court and other appropriate authorities (if any) in this regard, to write off the its accumulated losses of Rs 21,81,01,000 against the following:- By fully utilising Rs 17,52,09,000 credit balance lying in Securities Premium Account.- By reducing the share capital from Rs 19,22,82,380 (divided into 1,92,28,238 equity shares of Rs 10/- each) to Rs 14,93,90,380 (divided into 1,49,39,038 equity shares of Rs 10/- each).2. The Board also resolved, subject to the consent of the shareholders in general meeting, to delist the shares of the Company from Stock Exchanges other than Bombay Stock Exchange Ltd (BSE) and National Stock Exchange of India Ltd (NSE).