Hitkari Fibres - Result of Postal Ballot
Hitkari Fibres Ltd has informed BSE that the members of the Company by way of Postal Ballot have approved and passed the following Resolutions, with requisite majority:
1. Amendment to sub clause A of Clause III of the Memorandum of Association of the Company for insertion of objects relating to power generation and allied activities.
2. Amendment to sub clause B of Clause III of the Memorandum of Association of the Company by insertion of a new clause to provide for amalgamation / merger of other entity(ies) with the Company or vice versa.
3. Replacement of the existing Articles of Association of the Company with a new set of Articles of Association.
4. Sub division and Reclassification of 30,000 Convertible Cumulative Preference Shares of Rs 100/- into 300,000 equity shares of Rs 10/ each.
5. Increase in Authorized Capital from Rs 6.30 crores to Rs 5000 crores.
6. Increase in Borrowing Limits under section 293 (1)(d) of the Companies Act, 1956, to Rs 15,000 crores.
7. Creation of Charge on the assets of the Company, upto the limits specified above, under section 293(1)(a) of the Companies Act, 1956.
8. Delisting of the shares of the company from the Delhi and Ahmedabad Stock Exchanges.
9. Change in control under Regulation 12 of the SEBI (Substantial Acquisition of Share and Takeovers) Regulations, 1997, by transferring the control from the current promoters to M/s. Spice Energy Pvt Ltd, M/s. Spice Energy Pvt Ltd will be classified as the new promoter of the Company and will have the control in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997, over the Company M/s. Spice Energy Pvt Ltd belongs to the ‘Spice Energy’ group.
10. Issue of Global Depositary Receipts / American Depositary Receipts / Foreign Currency Convertible Bonds, in terms of Section 81(1A) of the Companies Act, 1956 upto US $ 1 billion.
11. Hiving Off of the ‘fibre division’ of the Company, by way of a slump sale to Hitkari Hitech Filters Pvt Ltd, on a going concern basis.
12. Giving of loans / guarantee(s), / or provide any security(ies) in terms of Section 372A.
Tags: Hitkari Fibres