LN Polyesters Ltd has informed that the Board of Directors of the Company at its meeting held on May 07, 2008, inter alia, has considered and approved the following:
1. Appointment of Sri. S Man Mohan Rao as the Executive Chairman of the Company for a period of 3 years with effect from May 01, 2008 subject to the approval of Members, Lenders and Central Government and from such other regulatory authorities.
2. Appointment of Sri. G Surender Reddy as the Managing Director of the Company for a period of 3 years with effect from May 01, 2008 subject to the approval of Members, Lenders and Central Government and from such other regulatory authorities.
3. Increase in the authorized share capital of the Company from Rs 15 crores to Rs 21 crores by creation of additional 60,00,000 Equity Shares of Rs 10/- each.
4. Issue of 43,00,000 Equity Shares of Rs 10/- each at a premium of Rs 10/- per share on Preferential basis to investors subject to the approval of members and other regulatory authorities.
5. Issue of 7,00,000 Equity Shares of Rs 10/- each at a premium of Rs 10/- per share on Preferential basis to Promoters subject to the approval of members and other regulatory authorities.
6. Decided to convene an Extra Ordinary General Meeting of the members of the Company on June 07, 2008 for obtaining the approval of members for the aforesaid items.
1. Appointment of Sri. S Man Mohan Rao as the Executive Chairman of the Company for a period of 3 years with effect from May 01, 2008 subject to the approval of Members, Lenders and Central Government and from such other regulatory authorities.
2. Appointment of Sri. G Surender Reddy as the Managing Director of the Company for a period of 3 years with effect from May 01, 2008 subject to the approval of Members, Lenders and Central Government and from such other regulatory authorities.
3. Increase in the authorized share capital of the Company from Rs 15 crores to Rs 21 crores by creation of additional 60,00,000 Equity Shares of Rs 10/- each.
4. Issue of 43,00,000 Equity Shares of Rs 10/- each at a premium of Rs 10/- per share on Preferential basis to investors subject to the approval of members and other regulatory authorities.
5. Issue of 7,00,000 Equity Shares of Rs 10/- each at a premium of Rs 10/- per share on Preferential basis to Promoters subject to the approval of members and other regulatory authorities.
6. Decided to convene an Extra Ordinary General Meeting of the members of the Company on June 07, 2008 for obtaining the approval of members for the aforesaid items.
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