Hacked by islam_Bey imhatimi.org

Network Ltd has informed BSE that the members of the Company, by way of Postal Ballot, have passed the Ordinary Resolution for authorising the Board of Directors of the Company (including any committee thereof) to dispose off, by way of sale / lease / transfer or otherwise, retail division of the Company, with effect from April 01, 2008 or such other date as the Board may deem fit (”the Appointed Date”), on a going concern basis, to a subsidiary Company Network Retail Ltd, on such terms and conditions as the Board may consider fit and proper in the interest of the Company, with requisite majority.

Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 27, 2008, inter alia, has considered and taken on record the following:

1. The Board of Directors of the Company has considered and approved in principle merger of PPS Towers Pvt Ltd, Lorgan Consultants Pvt Ltd and Shrigan Investment Consultants Pvt Ltd with Network Ltd and de-merger of Retail Division of Company as part of scheme and write off losses against reserves / capital. A Board Meeting of the Company will be held shortly to consider and approve the Share Exchange Ratio, Draft Composite Scheme of amalgamation and arrangement etc.

2. Mr. Ashok Sawhney and Mr. Avinash Chander Paliwal have been appointed as directors of the Company w.e.f. May 27, 2008, Mr. Ashok Sawhney is the Chairman of Sawhney group of Industries, well known for the manufacturing of ‘UNIK’ & ‘AAA’ Brand quality of Wrist Watch Dials & other parts in the country, Mr. Sawhney holds key position as CEO Worldwide for Lifestyle brands ‘Swiss Military’ & ‘Alpine Club’ of Switzerland. Mr. Avinash Chander Paliwal is CEO and MD of Paliwal Group of Companies. The main business of the group is manufacturing and export of home textiles, terrry towels, organic towel, beach towel, wash towel, handloom products and woven besides having land bank in group Companies. Paliwal group has been a leading player in textile business for over three decades and have received many awards for excelling in this field.

3. The Registered Office of the Company is being shifted from 416, World Trade Centre, Babar Road, New Delhi to W-41, Okhla Industrial Area, Phase - II, New Delhi - 110 020 with effect from June 01, 2008 subject to statutory approvals, if any.

Network Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on May 27, 2008, inter alia, to transact the following:

1. To consider, discuss and take on record the Audited Financial Results for the Year Ended March 31, 2008.

2. To consider the proposal to merge PPS Towers Pvt. Ltd., Lorgan Consultants Pvt. Ltd. & Shrigan Investment Consultants Pvt. Ltd. with Network Ltd., & to review de-merger of retail division as part of the scheme and write off losses against reserves / capital in accordance with section 100 of the Companies Act, 1956 besides considering Audited Annual Financial Results of the Company.

Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held on April 28, 2008, has approved the following matter, subject to the approval of shareholders of the Company, as may be required:

1. To dispose off, by way of sale / lease / transfer or otherwise, retail division of the Company on a going concern basis, to a subsidiary Company Network Retail Ltd u/s 293(1)(a) of the Companies Act, 1956.

2. The Board has also decided that the approval of shareholders of the Company for aforesaid Resolution shall be obtained through Postal Ballot as per the provisions of section 192A of the Companies Act, 1956 read with Companies (Passing of resolution by Postal Ballot) Rules, 2001. Mr. Nitin Agrawal, Chartered Accountant, New Delhi has been appointed as Scrutinizer for conducting the postal ballot process.

Network Ltd has informed BSE that the Board of Directors of the Company at its meeting held March 06, 2008, has allotted 1210000 equity shares as per details given below:

1. 440000 Equity Shares of Rs 10/- each at a premium of Rs 40/- each to Paliwal Infrastructures Pvt. Ltd. in lieu of 440000 Warrants of Rs 50/- each.

2. 330000 Equity Shares of Rs 10/- each at a premium of Rs 40/- each to Paliwal Overseas Pvt. Ltd. in lieu of 330000 Warrants of Rs 50/- each.

3. 440000 Equity Shares of Rs 10/- each at a premium of Rs 40/- each to Ashok Sawhney & Sons (HUF)in lieu of 440000 warrants of Rs 50/- each.

Network Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on March 06, 2008 to:

1. Consider the allotment of 440000 Equity Shares of Rs 10/- each at a premium of Rs 40/- each to Paliwal Infrastructures Pvt. Ltd. in lieu of 440000 Warrants allotted on
September 07, 2007 at a price of Rs 50/- each. The Company has received respective amount of Rs 2.20 crores from Paliwal Infrastructures Pvt. Ltd. in lieu of equity shares to be allotted. Paliwal Infrastructures Pvt. Ltd. has already exercised the option for 660000 Equity Shares in lieu of 660000 Warrants.

2. Consider the allotment of 330000 Equity Shares of Rs 10/ - each at a premium of Rs
40/- each to Paliwal Overseas Pvt. Ltd. in lieu of 330000 Warrants allotted on September 07, 2007 at a price of Rs 50/- each. The Company has received respective amount of Rs 1.65 crores from Paliwal Overseas Pvt. Ltd. in lieu of equity shares to be allotted Paliwal Overseas Pvt. Ltd. has already exercised the option for 500000 Equity Shares in lieu of 500000 Warrants.

3. Consider the allotment of 440000 Equity Shares of Rs 10/- each at a premium of Rs 40/- each to Ashok Sawhney & Sons (HUF) in lieu of 440000 Warrants allotted on September 07, 2007 at a price of Rs 50/- each. The Company has received respective amount of Rs 2.20 crores from Ashok Sawhney & Sons (HUF) in lieu of equity shares to be allotted.