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BSE SENSEX
74,339.44
+486.50
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Corporate Announcement
Security Code
536170
Company
Kushal Ltd
Exchange Disseminated Time
Outcome of Board Meeting (Board recommends Bonus Issue) |
1/20/2017 3:39:56 PM
Kushal Tradelink Ltd has informed BSE that the Board of Directors of the Company at its meeting held on January 20, 2017, has following matters were considered, discussed, approved by resolution passed thereof by the board:
1. Increase in Authorised Capital of the Company from Rs. 25,00,00,000 /- (Rupees Twenty Five Crores only) divided into 12,50,00,000 (Twelve Crores Fifty Lacs) equity share of Rs. 2/- each to Rs. 50,00,00,000 (Rupees Fifty Crores Only) divided into 25,00,00,000 equity shares of Rs . 2/- each, ranking pari passu with the existing shares in the Company and consequently alteration of the Capital Clause of Memorandum of Association of the company, subject to the approval of the Members.
2. Issue of Bonus shares to the shareholders of the Company in the proportion of 1:1 (One Bonus share for every One share held) subject to the approval of the Members.
3. Based on the consent received from M/s. Riddhi Siddhi Recyclers Private Limited, the board after due discussion gave its consent to the Amalgamation/merger of the said company in M/s. Kushal Tradelink Limited subject to the Valuation and Swap Ratio, which will be decided by the committee duly formed for the execution of the Amalgamation/merger.
4. Initiate Postal Ballot process seeking approval of shareholders for passing the following resolutions:
a). To increase the Authorised Capital Share Capital of the Company and consequent alteration in the Memorandum of Association of the Company by a Special Resolution
b). Approval for the Issue of Bonus Shares by a Special Resolution
c). Appointment of Statutory Auditor to fill the Casual Vacancy by an Ordinary Resolution.
5. Appointment of Mr. Kushal Agrawal as an Additional (Executive) Director of the Company with effect from January 20, 2017.
In addition to the above, this is to informed in the said board meeting, Mr. Mahendra Agrawal Whole Time Director of the Company due to health reasons and Mr. Arpan Shah Non-Executive Director of the Company due to certain other assignments have tendered their resignation from the Directorship of the Company w.e.f the close of business hours of January 20, 2017. Their resignation has been taken on record by the Board of Directors of the Company.
The meeting commenced at 11:00 AM and was concluded at 3:15 PM.
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