Simbhaoli Sugars Ltd has informed that the shareholders at the Extra Ordinary General Meeting (EGM) of the Company held on December 29, 2007, inter alia, have transacted the following:
1. Accorded to the Board of Directors to create mortgage on the assets of unit Brijnathpur in favour of Government of India, Ministry of Consumer Affairs, to secure the Sugar Development Fund loan for setting up ethanol project at unit Brijnathpur of the Company.
2. Accorded to the Board of Directors for modification of the resolution passed in the extraordinary general meeting of the Company dated February 17, 2006 for remuneration to managerial personnel within the limits as prescribed under Schedule XIII.
3. Accorded to the Board of Directors to create, issue and allot the share warrants to the specified promoters. The proposed warrants may be converted into equity shares of the Company within a period of 18 months from the date of issue of warrants at the option of the holders in accordance with the provisions of the Companies Act, 1956 and SEBI guidelines.
Further the Company has informed that, since a scheme under Corporate Debt Restructuring framework of RBI has been approved on December 12, 2007, pursuant to clause 13.1.1.2 of SEBI (Disclosure and Investor Protection) Guidelines, 2000 read with explanation therein, the relevant date has been changed to December 12, 2007 from November 28, 2007 as initially proposed in the notice dated November 29, 2007 of this EGM. Accordingly, the price for conversion of warrants into equity shares of the Company has been changed to Rs 42.55 (including premium of Rs 32.55) from Rs 39.00 (including premium of Rs 29.00).
1. Accorded to the Board of Directors to create mortgage on the assets of unit Brijnathpur in favour of Government of India, Ministry of Consumer Affairs, to secure the Sugar Development Fund loan for setting up ethanol project at unit Brijnathpur of the Company.
2. Accorded to the Board of Directors for modification of the resolution passed in the extraordinary general meeting of the Company dated February 17, 2006 for remuneration to managerial personnel within the limits as prescribed under Schedule XIII.
3. Accorded to the Board of Directors to create, issue and allot the share warrants to the specified promoters. The proposed warrants may be converted into equity shares of the Company within a period of 18 months from the date of issue of warrants at the option of the holders in accordance with the provisions of the Companies Act, 1956 and SEBI guidelines.
Further the Company has informed that, since a scheme under Corporate Debt Restructuring framework of RBI has been approved on December 12, 2007, pursuant to clause 13.1.1.2 of SEBI (Disclosure and Investor Protection) Guidelines, 2000 read with explanation therein, the relevant date has been changed to December 12, 2007 from November 28, 2007 as initially proposed in the notice dated November 29, 2007 of this EGM. Accordingly, the price for conversion of warrants into equity shares of the Company has been changed to Rs 42.55 (including premium of Rs 32.55) from Rs 39.00 (including premium of Rs 29.00).
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