Chairman Statement
Dear Shareholders,
Notice pursuant to Section 192A (2) of the Companies Act, 1956:
Your Company has identified areas for expanding the business activities in India and
abroad. Till the actual deployment of funds in the various projects, the Company may
invest it in the capital of other companies/ body corporate by way of subscription and /or
purchase of equity/ equity related securities or preference shares or any other instrument
or it may give loan to other bodies corporate. In the process of business, the Company may
give corporate guarantee to others. The said investments, Inter-corporate Loans and
guarantee may exceed the limits set out in Section 372A of the Act, but not exceeding Rs.
100 Crores and hence requires prior approval of shareholders by conducting postal ballot
under section 192A of Companies Act, 1956.
Hence the resolution no. 5 mentioned in the notice is proposed for approval of
shareholders by way of conducting postal ballot.
The Board recommends approval of the aforesaid resolutions in the best interest of the
Company.
None of the Directors of the company are interested or concerned in the said
resolution.
Proposed Special Resolution no. 5 and Explanatory Statement stating all material facts
and the reasons for the proposal is enclosed with this notice and a Postal Ballot form is
enclosed for your consideration. The Company has appointed Komal Deshmukh &
Associates, Practicing Company Secretaries as Scrutinizer for conducting the Postal Ballot
process in a fair and transparent manner.
Please read carefully the instruction printed in the Postal Ballot Form and return the
form duly completed in all respects in the enclosed self-addressed envelope so as to reach
the Scrutinizer on or before the close of working hours on 10th October, 2011.
The Scrutinizer will submit her report to the Chairman after completion of the scrutiny
and the result of the voting by Postal Ballot will be announced on 13th
October, 2011 at the corporate office of the Company at 3rd Floor, South West
Wing, Cambatta Building, Above Eros Cinema, Churchagate, Mumbai- 400 021 at 11.00 a.m.
|
By order of the Board of Directors |
|
Sd/- |
| Place : Mumbai |
Jagdish Kapadia |
| Date : 02nd September 2011 |
Chairman |