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Outcome of Board Meeting

| Updated on March 18, 2011 Published on March 18, 2011

Esaar India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on March 18, 2011, inter alia, has unanimously approved the following business :

1. The Board accepted the resignation of Mr. Girraj Kishor Agrawal, Mrs. Tanu Agrawal, Mr. Prasanta Bandyopadhyay, and Mr. Om Prakash Saxeena.

2. The Board has approved to appoint Mr. Vijay Jaideo Poddar and Mr. Manoj Harkishan Batra as additional Directors.

3. The Board has decided to appoint Mr. Dheeraj Shah as Promoter Director of the Company, subject to the approval of Members at Extra Ordinary General Meeting.

4. To Board has decided to delist the Equity Shares from Ahmedabad Stock Exchange, Kolkata Stock Exchange and Jaipur Stock Exchange.

5. The Board has approved to shift the Registered Office form 4A, Council House Street, Kolkata - 700 001 to 23-A/12, Akash CHS, Talawad Nagar, Ashok Nagar Road, Kandivali (E), Mumbai - 400101, subject to the approval of Members at Extra Ordinary General Meeting.

6. The Board decided to increase the authorized capital of the company from Rs. 5,50,00,000/- (Rupees Five Crore Fifty Lakhs only) to Rs. 15,50,00,000/- (Rupees Fifteen Crores Fifty Lakhs only) and alteration of Memorandum and Articles of Association in this respect.

7. The Board approved to issue 1,00,00,000 Equity shares @ Rs. 15/- per share on preferential basis to Non Promoters, to meet the requirement of funds.

8. Board discussed and approved the proposal to change the Management of the company through Share Purchase Agreement.

9. The Board discussed and approved the appointment of M/s. Praveen Chandak & Associates, Chartered Accountant, as the Statutory Auditor of the Company, in place of M/s. Agarwal Gupta Nokari & Rustagi Associates, Chartered Accountant who has resigned due to pre occupation, subject to the approval of Members at Extra Ordinary General Meeting.

10. The Board decided to call an Extra Ordinary General Meeting of Members on April 09, 2011 at Registered office of the Company at 4A, Council House Street, Kolkata - 700 001.

Source : BSE - >www.bseindia.com

Published on March 18, 2011
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