Outcome of Board Meeting

| Updated on December 29, 2014 Published on December 29, 2014

Regaliaa Realty Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 24, 2014, has discussed the following:

1. The Chairman explained to the Board that the following shares held by the Promoters of the Company have been given as additional security at the time of granting of a Project Loan to the Company for the Project - "The Ferns" under their Loan scheme titled BLAP (Business Loan Against Property) by M/s. Karvy Financial Services Ltd. on February 24, 2011.

(a) Mr. D. Sudhakara Reddy - 9,76,340
(b) Mrs. D. Usha Reddy - 7,39,300
(c) Ms. Deeptha Reddy - 2,84,460

2. M/s. Karvy Financial Services Ltd. have invoked the pledge and transferred the shares in their favour totaling to 55.56% of the total paid up capital of the Company without informing the individual shareholders or to the Company on February 16, 2012. From that day, they have assumed controlling interest in the Company and the Promoters holding was NIL in the case of Mrs. D. Usha Reddy & Ms. Deeptha Reddy & in the case of Mr. D. Sudhakara Reddy it is only 4.63% as of now.

3. Considering the above, the Chairman & Managing Director has expressed his desire to resign from the Board of the

4. The Board recommended that M/s. Karvy Financial Services Ltd. may be communicated of this decision and for further necessary action.

5. The three Promoters have sent a letter to the Company asking the Company to help them recover the value of their shares transferred in the name of Karvy Financial Services Ltd., without any information to them, alongwith interest from the date of transfer, i.e. February 16, 2012.

Source : BSE - www.bseindia.com

Published on December 29, 2014
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