Financial Eyes - Notice of Postal Ballot
Financial Eyes India Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following Special Resolutions:
1. To alter the Objects Clause of the Memorandum of Association of the Company in the following manner;
In the existing Clause 3(b) words “manufacturing and? are inserted before the word trading and existing Clause 1 replaced by Following new clause:
1. To generate, acquire by purchase in bulk, develop and accumulate electrical power at the place or places contemplated by the said License and to transmit, distribute and supply such power throughout the area of supply named therein; and generally to generate, acquire by purchase in bulk, develop and accumulate power at any other place or places and to transmit, distribute and supply such power and to carry on the business of an electric power, light and supply Company in all its branches, and in particular to construct, lay down, establish, fix and carry out all necessary power stations, cables, wires, lines, accumulators, lamps and works, and to generate, acquire by purchase in bulk, accumulate, distribute and supply electricity, and to light cities, towns streets, docks, markets, theatres, buildings and places, both public and private and to carry on the business of electrician, mechanical engineers, suppliers of electricity for the purposes of light, heat, motive power or otherwise, and manufacturers of and dealers in apparatus and things required for or capable of being used in connection with the generation, distribution, supply accumulation and employment of electricity, galvanism, magnetism or otherwise and to carry on in India or elsewhere the business of establishing, commissioning, setting up, operating and maintaining electric power generating stations based on conventional / non-conventional resources including but not restricted to Hydro, Thermal, Gas, Wind and Solar, tie-lines, sub-stations and transmission lines, own build, own and transfer (BOT) and / or, build, own, lease and transfer (BOLT) and / or build, own, operate and transfer (BOOT) basis and to carry on in India or elsewhere the business of acquiring, operating, managing and maintaining existing power generation stations, tie-lines, sub-stations and transmission lines, either owned by the private sector or public sector or the Government or Governments or other public authorities and / or any or all of the aforesaid purposes, to do all the necessary or ancillary activities as may be considered necessary or beneficial or desirable and to acquire concessions or licenses granted by, and enter into contracts with the Government of India, or any municipal or local authority, Company or person in India, or elsewhere, for the construction and maintenance of an electric installation for the production, transmission or use of electric power for lighting, heating, pumping, signaling, telephonic, or traction or motive purposes, including the application thereof to tramcars, omnibuses, carriages, ships, conveyances and objects, or any other purpose .
2. To increase the Authorized share capital of the Company of Rs 6,10,00,000/- (Rupees Six Crore Ten Lacs Only) divided into 61,00,000 (Sixty One Lacs Only) equity shares of Rs 10 (Rupees Ten Only) each to Rs 10,00,00,000/- (Rs Ten crores Only) divided into 1,00,00,000 (One Crore Only) equity shares of Rs 10/-( Rupees Ten Only) each and consequential amendments in the Memorandum of Association of the Company.
3. To issue, offer and allot, in International offerings any securities including Global Depositary Receipts and / or American Depositary Receipts convertible into equity shares, preference shares whether Cumulative / Redeemable / Convertible at the option of the Company and / or the option of the holders of the security and / or securities linked to equity shares / preference shares and / or any instrument or securities representing convertible securities such as convertible debentures, bonds or warrants convertible into depositary receipts underlying equity shares / equity shares / preference shares, (?Securities?) to be subscribed by foreign / domestic investors / institutions and / or corporate bodies / entities including mutual funds, banks, insurance companies and / or individuals or otherwise, whether or not such persons / entities / investors are Members of the Company whether in one or more currency, such issue and allotment to be made at such time or times in one or more tranche or tranches at par or at such price or prices, and on such terms and conditions and in such manner as the Board may, in its absolute discretion think fit, in consultation with the Lead Managers, Underwriters, Advisors or other intermediaries provided however that the issue of securities as above shall not result in increase of the issued and subscribed equity share capital of the Company by more than 25% of the then issued and outstanding equity shares, subject to necessary provisions & approvals.
4. To appoint Mrs. Abhilasha Agarwal as a Whole Time Director of the Company for a period of 5 (Five) years commencing from February 01, 2008, on remuneration, terms & conditions.
5. For investment by Foreign Institutional Investors including their sub-accounts (”the FIIs”), in the shares or debentures convertible into shares of the Company, by purchase or acquisition from the market under the Portfolio Investment Scheme under FEMA, subject to the condition that the total holding of all FIIs put together shall not exceed 24 (Twenty four) per cent of the paid up equity share capital or paid up value of the respective series of the convertible debentures of the Company as may be applicable or such other maximum as may be prescribed from time to time, subject to necessary provisions & approvals.
The Board of Directors of the Company at its meeting held on February 15, 2008 has appointed Mr. Praveen Rastogi, FCS, as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer on or before March 22, 2008. The results of the postal ballot will be announced by the Chairman of the Company on March 25, 2008.
Tags: Financial Eyes