Hariyana Ship Breakers EGM approves increase in share capital

Hariyana Ship Breakers Ltd has announced that the members at the Extra-Ordinary General Meeting (EGM) of the Company held on May 22, 2007, inter alia, have accorded to the following:

1. Increase in the Authorised Share Capital of the Company from Rs 10,50,00,000/- divided into 55,00,000 Equity Shares of Rs 10/- each, 50,00,000 4% Redeemable Preference Shares of Rs 10/- to Rs 11,50,00,000/- divided into 65,00,000 Equity Shares of Rs 10/- each, 50,00,000 4% Redeemable Preference Shares of Rs 10/- each by creating 10,00,000 Equity Shares of Rs 10/- ranking pari passu with the existing equity shares of the Company and consequential amendments in the Memorandum & Articles of Association of the Company.

2. Authority to the Board to issue and allot 11,66,666/- Equity Shares of the Face value of Rs 10/ each to the Shareholders of Hariyana Fashions Pvt Ltd and Hariyana Machinery Export Pvt Ltd (Transferor Companies) as per the Scheme of Amalgamation sanctioned by the Hon'ble High Court of Bombay by an order dated January 12, 2007 and becoming effective by filing the copy of the said order with the Registrar of Companies (Maharashtra), Mumbai on March 28, 2007.

3. Appointment of Mr. Sanjeev Reniwal, Relative of the Shri. Shanti Sarup Reniwal, Mr. Rakesh Reniwal and Smt. Lalitadevi Reniwal, Directors of the Company, holding an office or place of profit under the Company as a Chief Executive Officer on remuneration w.e.f. September 01, 2006.

Source : Equity Bulls

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