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Kosian Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 17, 2008, inter alia, has approved the following after due deliberations:

1. Mr. Inderjeet Arya, Mr. Kishore Arya and Col. R S Malik were appointed as additional directors of the Company.

2. Approved the Postal Ballot notice for the following items approved:

a) Amendment to sub clause A of Clause III (Main Object) of the Memorandum of Association of the Company for insertion of object relating to pharmaceutical business.

b) Amendment to sub clause C of Clause III (Other Objects) of the Memorandum of Association of the Company as follows:

- Amendment to the existing item numbers 65
- Insertion of new item numbers 66A and 66B for carrying on business relating to mining and real estate respectively.

c) Passing of Special Resolution for commencing of activities relating to ‘Gems and Jewellery’ (clause 64), Metals & Minerals (Clause 65), ‘Mining’ (Clause 66A) and ‘Real Estate’ (Clause 66B).

d) Increase in Authorized Capital from Rs 6 crores to Rs 30 crores.

e) Increase in Borrowing Limits to Rs 2,000 crores, in supersession to all earlier resolutions.

f) Creation of Charge on the assets of the Company, upto the limits specified above.

g) Change in control under Regulation 12 of the SEBI (Substantial Acquisition of Share and Takeovers) Regulations, 1997, by transferring control from the current promoters to Mr. Inderjeet Arya and Mr. Kishore Arya, by classifying them as promoter directors. Mr. Inderjeet Arya and Mr. Kishore Arya will be classified as the new promoters of the Company and will have the control over the Company in terms of the SEBI (Substantial Acquisition of Shares and Takeovers) Regulations, 1997.

h) Appointment of Mr. Hemant Shetye, Company Secretary, as Scrutinizer. The result of the Postal Ballot will be declared on April 29, 2008. The last date for receipt of the duly filled Postal Ballot forms will be April 23, 2008. The Postal Ballot notice will be issued by March 24, 2008.

Tags: Kosian Industries

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