Bhartiya International Ltd has informed that the Board of Directors of the Company at its meeting held on January 08, 2008, inter alia, has approved and resolved the following:
The Company, in Financial Year 2006-2007, had issued 5,00,000 Warrants to M/s. Dillett Group Ltd. with an entitlement to convert into / exchange with an equal number of Equity Shares of the Company, within a period of Eighteen months from the date of their allotment, on payment of full consideration.
The term of the issue of the said Warrants inter alias provided that the Entitlement to the extent not exercised shall be lapsed and up-front amount paid on such warrant shall be forfeited.
An amount of Rs 36,32,878 was received as part payment against such warrants. The Warrant holder has decided not to exercise the right and thus there is not receipt of the balance amount from them against these warrants. So the Board unanimously resolved to forfeit amount received against the warrant in accordance with the terms of their issue.
The Company, in Financial Year 2006-2007, had issued 5,00,000 Warrants to M/s. Dillett Group Ltd. with an entitlement to convert into / exchange with an equal number of Equity Shares of the Company, within a period of Eighteen months from the date of their allotment, on payment of full consideration.
The term of the issue of the said Warrants inter alias provided that the Entitlement to the extent not exercised shall be lapsed and up-front amount paid on such warrant shall be forfeited.
An amount of Rs 36,32,878 was received as part payment against such warrants. The Warrant holder has decided not to exercise the right and thus there is not receipt of the balance amount from them against these warrants. So the Board unanimously resolved to forfeit amount received against the warrant in accordance with the terms of their issue.
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