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Futura Polyesters Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 30, 2008, inter alia, has decided, subject to required approvals and subject to the applicable regulations and laws, to offer and issue on Rights Basis one Rights equity share against every two equity shares of the Company at Rs 10/- (at par), aggregating to Rs 26,21,08,395/-, to those shareholders whose names appear on the Register of Members as on the Record Date to be decided by the Board in consultation with the Stock Exchange.

The above shares proposed to be issued on Rights basis will be post-scheme of Arrangement and therefore, will not be eligible for allotment of shares of Innovassynth Investments Ltd in accordance with the Scheme of Arrangement filed by the Company in the High Court of Judicature at Bombay, under Sections 391 and 394 of the Companies Act.

Futura Polyesters Ltd has informed BSE that instead of publishing on or before April 30, 2008 the un-audited quarterly financial results for the quarter ended March 31, 2008, the Company will be publishing Audited financial results for the financial year ended March 31, 2008 on or before June 30, 2008.

Futura Polyesters Ltd has informed BSE that Mr. R B Raheja has resigned from the Board of Directors of the Company on April 15, 2008 and he ceased to be a Director of the Company with immediate effect.

Further the Company has informed that, the Board of Directors of the Company at its meeting held on April 15, 2008, has appointed Mr. Viren Raheja as additional Director.

Futura Polyesters Ltd has informed BSE that pursuant to an Order made on the March 14, 2008, the High Court of Judicature at Bombay has directed that a meeting of the equity shareholders of the Company will be held on April 15, 2008 for the purpose of considering, and, it thought fit, approving, with or without modification, the arrangement embodied in the Scheme of Arrangement between the Company and Innovassynth Investments Ltd and their respective shareholders.