Kesar Petroproducts Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on March 10, 2008, inter alia, have accorded the following:
1. In accordance with the Order of the Honble Board of Industrial and Financial Reconstruction passed on August 17, 2007 sanctioning the Scheme of Rehabilitation in accordance with the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985, and subject to necessary provisions and approvals, to accord consent to the Board for :
(a) Reducing the value of the existing fully paid up 2,67,31,735 Equity Shares of Rs 10/- each aggregating to Rs 26,73,17,350/- (Rupees Twenty Six Crores Seventy Three Lakhs Seventeen Thousand Three Hundred Fifty only) into the said fully paid up Equity Shares of the face value of Re 0.10 each (Ten Paise only) and by issuing and allotting 2,67,317 new Equity Shares of Rs 10/- each or such number of the said Shares as may be required to be so issued and allotted to the nearest integer in the ratio of One new Equity Share of Rs 10/- each for every 100 (One Hundred) existing Equity Shares of Rs 10/- each, the holders of less than 50 existing Equity Shares not being entitled to and thus not being allotted any new Equity Shares and the holders holding more than 50 existing Equity Shares being entitled to and allotted One new Equity Share of Rs 10/- each.
(b) The Equity Shares of Rs 10/- (Rupees Ten only) each shall be cancelled in the proportion of 99% of the number of Equity Shares held by each Equity Shareholder, held on the Record Date, the Company shall determine in consultation with the Listing Agreement with the Stock Exchange where the Companys Shares are Listed (but remain suspended due to non-filing of- periodical returns with BSE) subject to the terms of cancellation of Equity Share fractions as given hereunder
1. In accordance with the Order of the Honble Board of Industrial and Financial Reconstruction passed on August 17, 2007 sanctioning the Scheme of Rehabilitation in accordance with the provisions of the Sick Industrial Companies (Special Provisions) Act, 1985, and subject to necessary provisions and approvals, to accord consent to the Board for :
(a) Reducing the value of the existing fully paid up 2,67,31,735 Equity Shares of Rs 10/- each aggregating to Rs 26,73,17,350/- (Rupees Twenty Six Crores Seventy Three Lakhs Seventeen Thousand Three Hundred Fifty only) into the said fully paid up Equity Shares of the face value of Re 0.10 each (Ten Paise only) and by issuing and allotting 2,67,317 new Equity Shares of Rs 10/- each or such number of the said Shares as may be required to be so issued and allotted to the nearest integer in the ratio of One new Equity Share of Rs 10/- each for every 100 (One Hundred) existing Equity Shares of Rs 10/- each, the holders of less than 50 existing Equity Shares not being entitled to and thus not being allotted any new Equity Shares and the holders holding more than 50 existing Equity Shares being entitled to and allotted One new Equity Share of Rs 10/- each.
(b) The Equity Shares of Rs 10/- (Rupees Ten only) each shall be cancelled in the proportion of 99% of the number of Equity Shares held by each Equity Shareholder, held on the Record Date, the Company shall determine in consultation with the Listing Agreement with the Stock Exchange where the Companys Shares are Listed (but remain suspended due to non-filing of- periodical returns with BSE) subject to the terms of cancellation of Equity Share fractions as given hereunder
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