Adarsh Derivatives to allot shares on preferential basis

Adarsh Derivatives Ltd has announced that the Board of Directors of the Company at its meeting held on August 21, 2007, inter alia, has decided the following:

1. Decided that 1 Crore 50 Lacs Equity shares of the face Value of Rs 10/- each issued to the following purposed persons on preferential basis:-

A. B D Agarwal : 14500000 No of shares proposed to be allotted

B. Friends, relative and employees of the Company : 500000 No of shares proposed to be allotted

The issue price of the Share will be decided according to relevant SEBI Guidelines. The above mention shares will be issued subject to approval of members by way of special resolution in terms of Section 81 (1A) and all other applicable provisions, if any, of the Companies Act ,1956., memorandum and article of association of Company, listing agreement entered into by the Company with the stock exchange and in accordance with the provision of the Securities and Exchange Board of India.

2. Accepted the resignation of Mr. Ramesh Chand Jindal and appoint Smt. Bimla Devi Jindal as an additional Director of the Company and she will also hold the post of Managing Directorship subject to approval of the Shareholders in the next General Meeting.

Source : Equity Bulls

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