Akruti City Ltd has informed that the Board of Directors of the Company at its meeting held on January 29, 2008, had decided to issue 12% optionally convertible debentures upto an amount not exceeding Rs 200 crores on a preferential basis to Reliance Capital Ltd in accordance with the provisions of Chapter XIII of SEBI (DIP) Guidelines, 2000 and to seek the approval of the shareholders thereof under Section 81 (1A) of the Companies Act, 1956.
However, due to various commercial and other reasons, the Board has considered it desirable not to proceed further in the matter and accordingly, it is proposed to rescind the aforesaid decision of the Board to issue Optionally Convertible Debentures and not to seek the approval of the shareholders thereof.
However, due to various commercial and other reasons, the Board has considered it desirable not to proceed further in the matter and accordingly, it is proposed to rescind the aforesaid decision of the Board to issue Optionally Convertible Debentures and not to seek the approval of the shareholders thereof.
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