Jaybharat Textiles EGM approves stock split

Jaybharat Textiles & Real Estate Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 26, 2006, have "RESOLVED THAT each of the existing Equity shares of face value of Rs 5/- each be sub divided into Two and Half Equity shares of face value of Rs 2/- each".

Further the Company has informed that, the resolution passed by the Board of Directors at its meeting held on December 26, 2006, has "RESOLVED THAT pursuance to sub-division of face of value of each share from Rs 5/- to Rs 2/-, all fractions resulting from the sub-division of shares in the aforesaid manner shall be consolidated into whole Equity shares and the Board shall have the authority to dispose off such whole shares by selling them at the market price and to distribute the net proceeds thereof (less expenses, if any) proportionately, as far as practicable, to the members concerned."

"RESOLVED FURTHER THAT Shri. Saurabh Tayal, Chairman and / or Shri. Gourav Aggrawal, Managing Director of the Company, be and are hereby jointly and severally authorized to do such acts, deeds or things as may be necessary to give effect to the above Resolution and to accept all or any terms and conditions imposed by Stock Exchanges, SEBI and other authorities in this regard."

Source : Equity Bulls

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