Indiabulls Financial Services Ltd has informed that the Board of Directors of the Company at its meeting held on November 03, 2008, has decided to cancel the following Employee Stock Option Plans of the Company.
1. Employee Stock Option Plan - 2005, covering 50,00,000 Stock Options.
2. IBFSL - ICSL Employees Stock Option Plan II M - 2006, covering 14,40,000 Stock Options.
The Board has also decided for creation of a fresh Employee Stock Option Scheme, titled Employees Stock Option Plan -2008, in terms of Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, for grant of 75,00,000 Equity Options convertible into equal number of Equity Shares of face value of Rs 2 each of the Company and has in this regard decided to obtain the approval of the Members of the Company through Postal Ballot pursuant to Section 192A of the Companies Act, 1956 (the Act) read with the Companies (Passing of Resolution by Postal Ballot) Rules, 2001 (the Rules).
Further the Company has informed that, the Board of Directors of the Company, has approved the draft Postal Ballot Notice covering the aforesaid matters with the relevant explanatory statement setting out the material facts and has appointed Mr. Sanjay Khandelwal, Practicing Company Secretary, New Delhi, as scrutinizer for conducting the postal ballot process in a fair and transparent manner. The duly completed Postal Ballot Form should reach the Scrutinizer upto 5.00 pm on December 06, 2008. The results of the Postal Ballot will be declared on December 08, 2008.
1. Employee Stock Option Plan - 2005, covering 50,00,000 Stock Options.
2. IBFSL - ICSL Employees Stock Option Plan II M - 2006, covering 14,40,000 Stock Options.
The Board has also decided for creation of a fresh Employee Stock Option Scheme, titled Employees Stock Option Plan -2008, in terms of Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, for grant of 75,00,000 Equity Options convertible into equal number of Equity Shares of face value of Rs 2 each of the Company and has in this regard decided to obtain the approval of the Members of the Company through Postal Ballot pursuant to Section 192A of the Companies Act, 1956 (the Act) read with the Companies (Passing of Resolution by Postal Ballot) Rules, 2001 (the Rules).
Further the Company has informed that, the Board of Directors of the Company, has approved the draft Postal Ballot Notice covering the aforesaid matters with the relevant explanatory statement setting out the material facts and has appointed Mr. Sanjay Khandelwal, Practicing Company Secretary, New Delhi, as scrutinizer for conducting the postal ballot process in a fair and transparent manner. The duly completed Postal Ballot Form should reach the Scrutinizer upto 5.00 pm on December 06, 2008. The results of the Postal Ballot will be declared on December 08, 2008.
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