Motilal Oswal Financial Services Ltd has informed that the Board of Directors of the Company at its meeting held on October 18, 2007, inter alia, has approved of the following, subject to receipt of the necessary approvals:
1. Introduction of the Motilal Oswal Financial Services Ltd - Employees Stock Option Scheme - V for the benefits of the employees of the Company and its subsidiaries.
2. Setting up of an Asset Management Company and other related entities as per the provisions of the Securities & Exchange Board of India (Mutual Fund) Regulations, 1996 and also to carry on all incidental and related activities, subject to the amendment of the Main Objects Cause of the Company.
The Company would be seeking the consent of the shareholders for the aforesaid items by a Postal Ballot in accordance of the Companies Act, 1956 read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2001 and the Board has fixed October 26, 2007 as the cut off date for ascertaining the list of the shareholders to whom Postal Ballot Notice and Postal Ballot Form will be sent and also for reckoning the voting rights. The Company has appointed Mr. N Bafna, Proprietor, M/s. N Bafna & Co., Company Secretaries, as Scrutinizer for conducting the postal ballot process in a fair and transparent manner. The results of the postal ballot will be declared on or before December 05, 2007.
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