Financial Daily from THE HINDU group of publications
Thursday, Jan 19, 2006
Financial Daily from THE HINDU group of publications Thursday, Jan 19, 2006 |
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Corporate
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Courts/Legal Issues Markets - Stocks Phaarmasia equity revamp Our Bureau
HYDERABAD: Phaarmasia Ltd has informed the stock exchanges that a meeting of its board of directors would be held on January 23 to take note of the orders of Andhra Pradesh High Court on scheme of arrangement among others. In terms of the final orders of the High Court, the board would consider and reduce its paid-up share capital from Rs 9.13 crore (91.34 lakh shares of Rs 10 each) to Rs 1.82 crore (18.26 lakh shares of Rs 10 each). The board would also consider and convert unsecured loan of Rs 2.5 crore into 25 lakh equity shares of Rs 10 each. It would also consider and allot 25 lakh equity shares of Rs 10 each aggregating Rs 2.5 crore to promoters and associates. Further, the board would consider and revalue fixed assets of the company from Rs 4.11 crore as on April 1, 2003 to Rs 16.51 crore and to set off revaluation reserve against the accumulated losses. After consideration of scheme of arrangement, the board would also consider and approve balance sheet and profit & loss account as on December 31, 2005. The board would also consider unaudited financial results for the quarter ended December 2005.
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