Financial Daily from THE HINDU group of publications
Saturday, Aug 30, 2003
Financial Daily from THE HINDU group of publications Saturday, Aug 30, 2003 |
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Info-Tech
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Hardware Moser Baer EGM okays change of auditors Our Bureau
New Delhi , Aug 29 OPTICAL media maker, Moser Baer India Ltd (MBIL), has said its shareholders have approved the appointment of K.C. Khanna & Co as the new statutory auditors of the company in place of S.R. Batliboi & Co. The company said in a statement that the shareholders approved the change of auditors at an Extraordinary General Meeting (EGM) held here today. The resignation of SR Batliboi & Co as the statutory auditor of the company had given rise to rumours in the stock market that the books of MBIL were not in order. The company's shares had fallen by about 20 per cent on the news. The EGM also approved the decision to de-list the Equity Shares of the Company from the stock exchanges at Delhi, Ahmedabad, Kolkata and Kanpur and to increase the authorized share Capital of the company to Rs 110 crore, divided into 10 crore and 25 lakh equity shares of Rs 10/- each and seven lakh and 50,000 Preference Shares of Rs 100 each. Enhancing the borrowing powers of the company from Rs 2,000 crore to Rs 3,000 crore (apart from temporary loans obtained from the company's bankers in the ordinary course of business), has also been approved by the shareholders, MBIL said. The EGM also gave its nod to issue equity shares not exceeding 2.20 lakh, under the employee stock option plan to MBIL employees and directors other than promoter directors of the company.
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