Take Solutions Ltd has informed that the Board of Directors of the Company at its meeting held on March 28, 2008, inter alia, has transacted the following:
1. The updates on matters arising from the last Board Meeting were discussed and noted by the Board, which inter alia, includes the Increase in Authorized Capital, Amendments to MoA, AoA, and convening of the EGM on April 07, 2008.
2. The approval of the Board be and is hereby accorded in principle approval for the proposed Merger of Four Soft Ltd, a Hyderabad based software Company with the Company and the appointment of / or engaging of consultants, advisors and valuers for the purpose of the proposed merger of Four Soft Ltd, with the Company.
3. Any Other Business
A. Issue and allotment of Equity Shares to TAKE ESOP TRUST
Issue and allotment of 120,000 Equity shares of Rs 10/- each at a price of Rs 753/- per Equity Share, to TAKE ESOP TRUST from out of the Quota of E5OP Shares aggregating to 600,000 Equity shares as approved by the shareholders of the Company at its EGM held on June 21, 2006.
B. Joint Venture by an Overseas Subsidiary:
The Joint Venture Agreement entered into by the Companys Overseas subsidiary, Towell Take Solutions, LLC, Muscat for its proposed joint venture operations in Jabel Ali Free Zone Authority (JAFZA), Dubai be and is hereby noted by the Board.
C. Policy on Equal Employment Opportunity
Approved the draft document on Equal Employment Opportunity Policy.
D. Acquisition of balance Equity Shareholding in its subsidiaries
i. Accorded to the acquisition of the balance Equity shareholding, in one of the Companys overseas subsidiary, viz, TAKE United SDN BHD, Malaysia as per the Joint Venture Agreement wherein the Company was required to offer 49% shareholding in the Joint Venture Company, TAKE United SDN BHD, Malaysia to the shareholders of United Group, Malaysia and that Mr. S. Sridharan, Managing Director of the Company be and is hereby authorized to carry out the process and procedure to implement proposed balance acquisition of the equity shareholding.
ii. Accorded to the acquisition of the balance Equity shareholding, viz 42% in one of the Companys Indian Subsidiary, viz , Autoparts Asia Pvt Ltd, Chennai, and that Mr. S Sridharan, Managing Director of the Company be and is hereby authorized to carry out the process and procedure to implement the proposed balance acquisition of the equity shareholding.
1. The updates on matters arising from the last Board Meeting were discussed and noted by the Board, which inter alia, includes the Increase in Authorized Capital, Amendments to MoA, AoA, and convening of the EGM on April 07, 2008.
2. The approval of the Board be and is hereby accorded in principle approval for the proposed Merger of Four Soft Ltd, a Hyderabad based software Company with the Company and the appointment of / or engaging of consultants, advisors and valuers for the purpose of the proposed merger of Four Soft Ltd, with the Company.
3. Any Other Business
A. Issue and allotment of Equity Shares to TAKE ESOP TRUST
Issue and allotment of 120,000 Equity shares of Rs 10/- each at a price of Rs 753/- per Equity Share, to TAKE ESOP TRUST from out of the Quota of E5OP Shares aggregating to 600,000 Equity shares as approved by the shareholders of the Company at its EGM held on June 21, 2006.
B. Joint Venture by an Overseas Subsidiary:
The Joint Venture Agreement entered into by the Companys Overseas subsidiary, Towell Take Solutions, LLC, Muscat for its proposed joint venture operations in Jabel Ali Free Zone Authority (JAFZA), Dubai be and is hereby noted by the Board.
C. Policy on Equal Employment Opportunity
Approved the draft document on Equal Employment Opportunity Policy.
D. Acquisition of balance Equity Shareholding in its subsidiaries
i. Accorded to the acquisition of the balance Equity shareholding, in one of the Companys overseas subsidiary, viz, TAKE United SDN BHD, Malaysia as per the Joint Venture Agreement wherein the Company was required to offer 49% shareholding in the Joint Venture Company, TAKE United SDN BHD, Malaysia to the shareholders of United Group, Malaysia and that Mr. S. Sridharan, Managing Director of the Company be and is hereby authorized to carry out the process and procedure to implement proposed balance acquisition of the equity shareholding.
ii. Accorded to the acquisition of the balance Equity shareholding, viz 42% in one of the Companys Indian Subsidiary, viz , Autoparts Asia Pvt Ltd, Chennai, and that Mr. S Sridharan, Managing Director of the Company be and is hereby authorized to carry out the process and procedure to implement the proposed balance acquisition of the equity shareholding.
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