Reliance Power - Notice of Postal Ballot
Reliance Power Ltd has informed BSE that the members of the Company will consider to approve, by way of Postal Ballot, the following Special Resolutions:
1. Alteration of Article 82 of the Articles of Association :
To alter the Articles of Association of the Company in the following manner, subject to necessary provisions and approvals :
The following proviso be inserted after the existing Article 82 :
“Provided that allotment or distribution of shares shall not be made to those Members who furnish to the Company an advance written intimation waiving their entitlement to receive such allotment or distribution of shares credited as fully paid-up pursuant to this Article 82, and accordingly the corresponding amount shall not be capitalised.”
2. Issue of Bonus Shares :
Pursuant to the applicable provisions of the Companies Act, 1956, Article 82 and other applicable provisions of the Articles of Association of the Company and subject to the applicable guidelines / regulations / approvals of the Securities and Exchange Board of India (SEBI), Reserve Bank of India (RBI) and any other appropriate authority, as may be necessary and subject to the Articles of Association of the Company being amended as per the resolution of Item No. 1 of this Notice as also the intimation received from the Members specified as promoters in the Company’s prospectus dated January 19, 2008 (”Promoters”) of their agreement to waive their entitlement to Bonus Shares, the Company do issue and allot 13,68,00,000 (Thirteen crore sixty eight lakhs) equity shares of Rs 10 (Rupees Ten) each aggregating Rs 136,80,00,000 (Rupees one hundred thirty six crore and eighty lakh) as Bonus Shares credited as fully paid-up, by capitalisation of the sum standing to the credit of the Securities Premium Account and / or such other permissible account, to all Members (other than the Promoters) of the Company, holding equity shares of Rs 10 each of the Company on the Record Date to be hereafter fixed by the Board of Directors for this purpose, in the ratio of three new fully paid equity shares of Rs 10 each for every five equity shares of Rs 10 each held as on the Record Date.
The Board of Directors has appointed Shri. Anil Lohia, Chartered Accountant, as Scrutinizer to conduct the voting through Postal Ballot, in a fair and transparent manner and to receive and scrutinize the completed ballot forms from the Members.
Postal ballot forms duly completed with the assent(for) or dissent (against), so as to reach the Scrutinizer before the close of working hours (17.00 hours) on or before April 19, 2008, to be eligible for being considered, failing which, it will be strictly treated as if, no reply has been received from the Member. The Scrutinizer will submit his report to the Chairman after completion of scrutiny and the results of the postal ballot will be announced on or after April 21, 2008.
Tags: Reliance Power