Artefact Projects Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 18, 2008, have decided not to pass following resolutions:
1. Possible proposals for raising funds through Qualified Institutional Placement route in accordance with the provisions of Section 81 (1A) and all other applicable provisions of the Companies Act, 1956 and pursuant to the provisions of Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 was not passed as shareholders of the Company suggested Board to reconsider the pricing and appropriate timing of the proposed issue in view of the recent meltdown of the global and Indian equity markets.
2. Issue 8,55,000 Warrants of face value of Rs 10/- to promoter / promoter group on preferential allotment basis, entitling the holder of warrant to apply for and obtain allotment of one Equity Share against each Warrant in accordance with the provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956 and pursuant to the provisions of Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 was not passed as shareholders of the Company suggested Board to reconsider the pricing and appropriate timing of the proposed issue in view of the recent meltdown of the global and Indian equity markets.
1. Possible proposals for raising funds through Qualified Institutional Placement route in accordance with the provisions of Section 81 (1A) and all other applicable provisions of the Companies Act, 1956 and pursuant to the provisions of Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 was not passed as shareholders of the Company suggested Board to reconsider the pricing and appropriate timing of the proposed issue in view of the recent meltdown of the global and Indian equity markets.
2. Issue 8,55,000 Warrants of face value of Rs 10/- to promoter / promoter group on preferential allotment basis, entitling the holder of warrant to apply for and obtain allotment of one Equity Share against each Warrant in accordance with the provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956 and pursuant to the provisions of Chapter XIII of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines 2000 was not passed as shareholders of the Company suggested Board to reconsider the pricing and appropriate timing of the proposed issue in view of the recent meltdown of the global and Indian equity markets.
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