Indiabulls Real Estate Ltd has informed that the Board of Directors of the Company at its meeting held on November 07, 2008, inter alia, has decided to obtain the approval of the members 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 interalia for the following matters:
1. Cancellation and withdrawal of the existing Employee Stock Option Scheme 2008, covering 15,00,000 stock options.
2. Launch of a new Employee Stock Option Scheme titled Indiabulls Real Estate Ltd Employees Stock Option Scheme - 2008 (II), in terms of Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, for grant of 20,00,000 stock options convertible into equal number of Equity Shares of face value Rs 2/- each of the Company, to the employees of the Company and its subsidiaries.
Further the Company has informed that the Board of Directors of the Company has approved the draft Postal Ballot Notice covering the aforesaid matters alongwith other matters, with the relevant explanatory statement setting out the material facts, and has appointed Mr. Sanjay Khandelwal, Practising 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 on December 11, 2008. The results of the Postal Ballot will be declared on December 12, 2008.
1. Cancellation and withdrawal of the existing Employee Stock Option Scheme 2008, covering 15,00,000 stock options.
2. Launch of a new Employee Stock Option Scheme titled Indiabulls Real Estate Ltd Employees Stock Option Scheme - 2008 (II), in terms of Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999, for grant of 20,00,000 stock options convertible into equal number of Equity Shares of face value Rs 2/- each of the Company, to the employees of the Company and its subsidiaries.
Further the Company has informed that the Board of Directors of the Company has approved the draft Postal Ballot Notice covering the aforesaid matters alongwith other matters, with the relevant explanatory statement setting out the material facts, and has appointed Mr. Sanjay Khandelwal, Practising 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 on December 11, 2008. The results of the Postal Ballot will be declared on December 12, 2008.
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