Anil Chemicals & Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on April 30, 2008, inter alia, to consider the following:
1. To consider, approve and take on record the quarterly un-audited financial results for the last quarter ended on March 31, 2008.
2. Allotment of New Shares to Promoters as per the Sanctioned Scheme.
Anil Chemicals & Industries Ltd has informed BSE about the following:
“As per the Sanctioned Scheme ordered by the Hon’ble BIFR, the followings are the brief synopsis of the Capital Reduction and De-merger of the Company:
1. Capital Reduction: The existing equity share capital of the Company will be reduced through the process of Capital Reduction by effecting 50% reduction in the face value of the existing equity share i.e. from Rs 10 per share to Rs 5 per share. As a result the total equity share capital of the Company will be reduced from Rs 6,90,86,690 to Rs 3,45,43,345 and the accumulated losses will be reduced by Rs 3,45,43,345. After capital reduction the paid up capital will be 69,08,669 shares of Rs 5 each amounting to
Rs 3,45,43,345 against the existing 69,08,669 shares of Rs 10 each amounting to Rs 6,90,86,690.
2. De-merger: In order to create correct synergies, the chemical units of the Company situated at Panoli, Gujarat; Waidhan, Madhya Pradesh and Jharsugada, Orissa will be de-merged into a new Company. The existing Company will consist of the units situated at Pharola, Nandrabad and Chikalthana all situated in Aurangabad, Maharashtra. The cut off date is April 01, 2007 and the effective date is November 15, 2007. The holder of one share of Rs 5 each (consequent to capital reduction) of the existing Company will get one share of Rs 4 each in the existing Company i.e. Anil Chemicals and Industries Ltd (ACIL) and 0.1 share of Rs 10 each in the Resulting Company to be formed.
Consequent to Capital Reduction and De-merger, existing 100 shares of the Company will be affected as under:
Existing Holding of Shares: 100 shares of Rs 10 each
Affect after Capital Reduction: 100 shares of Rs 5 each
Affect of De-merger(Final Holding)
Holding in the Existing Company: 100 shares of Rs 4 each
Holding in the Resulting Company: 10 shares of Rs 10 each.”
Anil Chemicals & Industries Ltd has informed BSE that an Extra Ordinary General Meeting (EGM) of the members of the Company will be held on April 30, 2008, inter alia, to transact the following business:
1. To change the name of the Company from “Anil Chemicals and Industries Ltd” to “APT PACKAGING LTD”.
2. Consolidation of Authorized, Issued and Paid up Equity Share Capital of the Company having face value of Rs 4 per shares into Rs 10 per shares thereby holder of 2.5 shares of face value of Rs 4 will be issued 1 share having face value of Rs 10 per share.
Further the clause V of the Memorandum of Association substituted by the following clause:
The Authorized Share Capital of the Company is Rs 10,00,00,000 (Rupees Ten Crores) divided into 1,00,00,000 (One Crore) equity shares of Rs 10 (Ten Only) each with right and privileges and conditions attached thereto as are provided by the Articles of Association of the Company for the time being, with power to increase and reduce the capital of the Company and to divide the shares in capital for time being into several classes or to attach thereto respectively such Preferential Deferred Qualified or Special Rights, Privileges or conditions as may be determined by or in accordance with Articles of Association of the Company and to vary, modify or abrogate any such rights, privileges or conditions in such manner as may be permitted by the Companies Act, or provided by the Articles of Association of the Company for the time being.
Anil Chemicals & Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 19, 2008, inter alia, has accorded the following:
1. The sanctioned scheme ordered by Board for Industrial and Financial Reconstruction for rehabilitation of the Company was discussed and noted for further compliance. The Board decided to reduce the capital of the Company by way of capital reduction to the extent of 50% of the issued capital and to de-merge the Company in accordance to the Sanctioned Scheme with immediate effect. The date of April 30, 2008 was finalized as recorded date for issue of new shares consequent to capital reduction and de-merger.
2. The appointed date for the de?merger of the Company into two separate Companies as envisaged in the sanctioned scheme was taken of April 01, 2007.
3. Board noted for the submission of Form No.21 with the registrar of Companies for the order of BIFR.
4. The Board decided to issue equity share of Rs 250 lacs to promoters subsequent to de-merger and reduction of share capital as per the sanctioned scheme. It was decided to transfer a sum of Rs 62.50 lacs from unsecured loan “promoters” account to share application money account. It was also decided to allot the shares in the next Board Meeting.
5. It was discussed to change the name of the Company and Managing Director Mr. Arvind Machhar was authorized to do the needful in the matter.
6. It was discussed to shift the registered office of the Company to J-18 MIDC, Chikalthana, Aurangabad and Managing Director Mr. Arvind Macchar was authorized to do the needful in the matter.
7. It was discussed to consolidate the face value of shares from Rs 4 per share to Rs
10 per share. Mr. Arvind Machhar was authorized to do the needful in the matter.
8. It was decided to hold the EGM to seek various approvals of the shareholders.
Anil Chemicals & Industries Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 19, 2008, inter alia, to transact the following:
1. To take on record the Order of the Hon’ble BIFR.
2. To take on record the appointed date as per order of the Hon’ble BIFR.
3. To fix the record date for allotting shares in the resulting Company.
4. To note submission of order of the Hon’ble BIFR with ROC.
5. To issue shares to the promoters as per order of the Hon’ble BIFR.
6. To discuss and decide Change of Name of the Company.