Outcome of Board Meeting

SCIL Ventures Ltd has informed BSE that the meeting of the Board of Directors of the Company was held on March 10, 2011 to consider the proposal of Mr. Rajashekar Iyer, promoter of the Company, received vide his letter dated March 05, 2011, to acquire 8,06,053 Equity Shares held by public shareholders in the Company representing 25.18% paid up Equity share capital of the Company (Delisting Proposal) pursuant to and in accordance with the Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 ("the Delisting Regulations") and to seek approval of the shareholders for delisting of the Equity shares of the Company from the Bombay Stock Exchange Limited, the only stock exchange where the Equity Shares are listed.

The Board decided that the proposal for delisting of the Equity Shares from the Bombay Stock Exchange Limited be communicated to the Shareholders and to recommend approval of the Shareholders of the Company in terms of the Delisting Regulations through Postal Ballot on the requisition of the Promoter i.e. Mr. Rajashekar Iyer.

The Board has approved a Notice pursuant to the provisions of Section 192A of the Companies Act, 1956 read with the Companies (Passing Resolution by Postal Ballot) Rules, 2001, along with Explanatory Statement to Section 173(2) of the Companies Act, 1956. The Board has appointed Mr. P C Shah & Co., Practicing Company Secretary as scrutinizer for conducting the postal ballot in a fair and transparent manner.

Source : BSE - www.bseindia.com

Published on March 10, 2011


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