Victory Projects Ltd has informed that the Board of Directors of the Company at its meeting completed on March 08, 2008, inter alia, has taken the following decisions:
1. Forfeiture of partly-paid shares:
In Compliance with the provisions of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, Articles of Association of the Company 4,76,000 equity shares of Rs 10/ each allotted to the shareholders on May 26, 1995, as per the list placed before the meeting, are forfeited on account of failure of the said shareholders to pay the share allotment money even on several reminders including the recent final forfeiture notice dated January 31, 2008.
2. Re-allotment of forfeited Shares:
These 4,76,000 equity shares of Rs 10/- each forfeited by the Company are sold to theseveral applicants as per the list placed before the meeting of the Board by the Company.
3. Issue of Warrants convertible in to Shares on Preferential basis:
Subject to the approval of Shareholders, in compliance with applicable provisions of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 the Board decided to issue warrants, which would be converted into 60,00,000 equity shares at later date, on preferential basis to the promoters and other applicants as per the list submitted. The Board has decided to take all required steps to call for an EGM on April 07, 2008 to seek the approval from the shareholders.
4. Revalidation of Fixed Asset of the Company:
The land belonging to the company in Vizag district of Andhra Pradesh, detailed as submitted to the board along with the valuation certificate submitted to the Board will be revalued as per the recommendation with effect from March 31, 2008. The appreciation of Rs 29.82 crores resulting from revaluation of the land, will be credited to the Capital Reserve Account of the Company.
1. Forfeiture of partly-paid shares:
In Compliance with the provisions of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, Articles of Association of the Company 4,76,000 equity shares of Rs 10/ each allotted to the shareholders on May 26, 1995, as per the list placed before the meeting, are forfeited on account of failure of the said shareholders to pay the share allotment money even on several reminders including the recent final forfeiture notice dated January 31, 2008.
2. Re-allotment of forfeited Shares:
These 4,76,000 equity shares of Rs 10/- each forfeited by the Company are sold to theseveral applicants as per the list placed before the meeting of the Board by the Company.
3. Issue of Warrants convertible in to Shares on Preferential basis:
Subject to the approval of Shareholders, in compliance with applicable provisions of Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 the Board decided to issue warrants, which would be converted into 60,00,000 equity shares at later date, on preferential basis to the promoters and other applicants as per the list submitted. The Board has decided to take all required steps to call for an EGM on April 07, 2008 to seek the approval from the shareholders.
4. Revalidation of Fixed Asset of the Company:
The land belonging to the company in Vizag district of Andhra Pradesh, detailed as submitted to the board along with the valuation certificate submitted to the Board will be revalued as per the recommendation with effect from March 31, 2008. The appreciation of Rs 29.82 crores resulting from revaluation of the land, will be credited to the Capital Reserve Account of the Company.
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