HB Estate Developers Board recommends 10% dividend

The Board of Directors of HB Estate Developers Ltd at its meeting held on April 30, 2007, inter alia, has transacted the following:

1. Approved recommendation of dividend at the rate of 10% on the equity shares (pro-rata on the amount paid up) for the year ended March 31, 2007.

2. Decided to issue a reminder notice to all defaulting shareholders to remit the allotment money due together with interest for such delayed remittance. Mr. Anil Goyal and Mr. J M L Suri, Directors of the Company have been authorised by the Board of Directors in this regard to finalise the Reminder Notice to be issued to the defaulting shareholders, the last date for receiving the dues together with interest and also to issue the said notice to the defaulting shareholders and to do other incidental things as may be necessary to implement the above.

3. Taken note of the lapse of the proposed Scheme of Arrangement (which was approved by the Boards of Directors the Company as well as RRB Securities Ltd at their respective meetings both held on July 14, 2007) for merger of RRB Securities Ltd with the Company with effect from April 01, 2006 (and also for reorganisation of share capital of the Company by issue of fully paid up shares in lieu of the partly paid up shares in proportion to the amount paid up on it) on account of non availability of the required approvals within March 31, 2007 being the last date for securing all the approvals in terms of the aforesaid Scheme of Arrangement.

In view of the above, the aforesaid Scheme of Arrangement stands as withdrawn. Accordingly the proposed reorganization of the share capital of the Company in terms of the aforesaid Scheme also stands withdrawn.

Source : Equity Bulls

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