Shekhawati Poly-Yarn to pull back decision on pref issue

Our Bureau | Updated on October 10, 2014 Published on October 10, 2014

The board of directors of Shekhawati Poly-Yarn has decided to withdraw the preferential issue of 17,98,89,330 warrants convertible into equity shares. This was due to the non-disclosure of “the identity of the natural persons who are the ultimate beneficial owners of the shares proposed to be allotted and/or who ultimately control the proposed allottees,” the company said in a disclosure to the exchanges. The preferential issue was earlier approved by shareholders of the company in their Annual General Meeting on September 12. The stock (face value ₹1) of Shekhawati Poly-Yarn closed flat at ₹1.65 on the NSE.

Published on October 10, 2014
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