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Outcome of the Board Meeting held on 30th August 2010
We hereby submit the Board of Directors at their meeting held today (30th August 2010), transacted the following businesses:-
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| 1. |
Issue of Equity Warrants/ Shares |
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The Board of Directors granted their unanimous approval for the issue of 5,60,748 Equity warrants at a price of Rs.214/- per warrant i.e., Rs.10/- each at a premium of Rs.204/- per warrant aggregating to Rs.12,00,00,000 (Rupees Twelve Crores only) on Preferential Basis to Mr.S.Giridharan, Promoter and 11,68,224 Equity warrants at a price of Rs.214/- per warrant i.e., Rs.10/- each at a premium of Rs.204/- per warrant aggregating to Rs.25,00,00,000 (Rupees Twenty Five Crores) on Preferential Basis to Non-Promoters. Further the Board of Directors have decided to issue 3,56,165 Equity Shares at a price of Rs.214/- per Share i.e., Rs.10/- each at a premium of Rs.204/- per Share aggregating to Rs.7,62,19,380 (Rupees Seven Crores Sixty Two Lakhs Nineteen Thousand Three Hundred and Eighty only) on Preferential Basis to Non-Promoters. The pricing certificate issued by the Statutory Auditors M/s.Raj and Ravi, Chartered Accountants, Chennai as on 30.08.2010 being the relevant date recommending a price of Rs.213.58/- ( Rupees Two Hundred and Thirteen and Paise Fifty Eight only) calculated as per SEBI (ICDR) REGULATIONS 2009, was placed before the board and taken on record. The Price fixed above is higher than the fair price arrived by the Statutory Auditor of the Company. The company is the process of obtaining the consent letters from the above persons. |
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| 2. |
Fixing the Date and Time of 9th Annual General Meeting |
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The Board of Directors has decided to fix the date of 9th Annual General Meeting on Wednesday the 29th day of September 2010 at 10.15 A.M at Kamaraj Arangam, No.492, Anna Salai, Teynampet, Chennai 600006. |
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| 3. |
Book Closure |
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The Board of Directors has decided to fix the date of Book closure from Thursday the 23rd September 2010 to Wednesday the 29th September 2010 (both days inclusive) for the purpose of Annual General Meeting and dividend declaration. |
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| 4. |
Notice of the 9th Annual General Meeting and Directors Report along with Corporate Governance Report. |
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The board of directors have also approved the Draft Notice calling the 9th Annual General Meeting and the Directors Report along with the Corporate Governance Report relating to the financial year ended 31.03.2010. |
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| 5. |
Employee Stock Option Scheme/ Plan |
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The Board of Directors has duly authorised Mr.S.Giridharan, Chairman & CEO and Mrs.G.Gita, Managing Director to appoint Lead Managers and various experts to analyse the nature of business of the company and its employees and to recommend a suitable Employees Stock Option Scheme/ Plan for the company and instructed the directors to place before the board the Scheme/ Plan recommended by the Experts. |
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The Board also constituted a committee in the name of ESOP Committee with the following members to decide the ESOP matters. |
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a) Mr.S.Giridharan - Chairman
b) Mrs.G.Gita - Member
c) Mr.Arvind - Member |
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