Others

Outcome of EGM

| Updated on January 18, 2011 Published on January 18, 2011

Ispat Industries Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on January 11, 2011, inter alia, have duly passed the following resolutions :

1. Consent for issue and allotment to JSW Steel Limited, on preferential basis, 1,08,66,49,874 Equity Shares of the face value of Rs. 10/- each in the Company, for cash at a price of Rs. 19.85 per Equity Share, in accordance with the provisions of Section 81 (1A) of the Companies Act, 1956 and the Preferential issue Guidelines of SEBI. The resolution was passed as a Special Resolution.

2. Taking on record erosion of net worth of the Company, as at June 30, 2010, by more than 50% of the peak net worth of the Company during the immediately preceding 4 (four) financial years, in accordance with the provisions of Section 23 of the Sick Industrial Companies (special Provisions) Act, 1985. The resolution was passed as an Ordinary Resolution.

Source : BSE - >www.bseindia.com

Published on January 18, 2011
This article is closed for comments.
Please Email the Editor