Ashco Industries Ltd has informed BSE that the Company opts to publish the audited annual accounts for the year ended March 31, 2008 on or before June 30, 2008.
Accordingly, the Company will be holding Board Meeting on or before June 30, 2008 to approve and publish the audited annual accounts for the year ended March 31, 2008.
Ashco Industries Ltd has informed BSE that the Board Meeting originally scheduled to be held on March 27, 2008 was adjourned to March 28, 2008 and at the adjourned meeting the Board of Directors, inter alia, considered the following matters which arouse post court convened meeting of equity shareholders and unsecured creditors.
1. Shareholders approval for arrangement / merger / amalgamation of Niulab Equipment Company Pvt Ltd:
The shareholders have at the court convened EGM of members approved with more than 3/4 majority, the arrangement / merger / amalgamation of Niulab Equipment Company Pvt Ltd with the Company under section 391 to 394 of the Companies Act 1956.
2. Increase in Authorized Capital:
The Board of Directors has also decided to increase the authorized capital from present
Rs 20,00,00,000/- to Rs 40,00,00,000/- subject to approval of shareholders, Ministry of
Corporate Affairs and other regulatory authorities.
3. Change of name:
The Board of Directors has decided to change the name from the present “Ashco Industries Ltd” to any one of the following viz,
ASHCO NIULAB LIFESCIENCE LTD / ASHCO NIULAB INDUSTRIES LTD / ASHCO NIULAB SCIENTIFIC LTD / ASHCO NIULAB HEALTH CARE LTD / ASHCO NIULAB BIOPHARMA LTD / ASHCO NIULAB BIOANALYTICAL LTD.
subject to approval of the shareholders, Ministry of Corporate Affairs, ROC Maharashtra, Central Government and other regulatory bodies etc.
The decision to change the name is being taken so as to have semblance & reflect the merged entities name to show part of the name of Niulab Equipment Company Pvt Ltd which will merge with Ashco Industries Ltd (subject to the order to be passed by High Court of judicature at Mumbai)
4. To rescind & withdraw the Preferential Allotment of warrants convertible into equity shares:
The shareholders have approved the issue of warrants convertible into equity shares on preferential basis to Promoters and Select Group of persons. The Special resolution in this regard was passed on October 17, 2007 and the results of the same was announced on October 24, 2007.
The resolution has also authorized the Board or its Committee constituted for the purpose as it may in its absolute discretion deem fit to finalize and effect the issue of warrants.
Accordingly in principal application was made to the stock exchanges to issue the warrants convertible into equity shares on preferential basis originally to Promoters and Select Group of persons. Correspondence is pending on the issue.
Since there is inordinate delay in the process, in the interest of the Company, the Board has decided to rescind and withdraw the process of issue of warrants convertible into equity shares on preferential basis to Promoters and Select Group of persons.
Ashco Industries Ltd has informed BSE that pursuant to an Order made on February 22, 2008, the Hon’ble High Court of Judicature at Bombay has directed that, separate meetings of the Equity Shareholders & Unsecured Creditors of the Company will be held on March 24, 2008, for the purpose of considering, and it thought fit, approving, with or without modification, the arrangement embodied in the Scheme of Amalgamation of Niulab Equipment Company Pvt Ltd (the Transferor Company) with Ashco Industries Ltd, (Applicant / Transferee Company).