SIEL Ld - Result of Meeting
28 Febbraio 2000 - 10:13AM
UK Regulatory
RNS Number:1596G
SIEL Ld
24 February 2000
Extract from Minutes of Board of Directors Meeting
Date of Meeting 21.2.2000 Resolution No. 10
10. The Board was informed that :
The Company had approached the Financial Institutions (FIs) for
reschedulement of its long term debts.
The FIs while considering the Company's proposal of reschedulement have
stipulated some conditions which inter alia require that Mr. Siddharth
Shriram and/or his relatives, friends, associates and group companies shall
singly or jointly induct atleast Rs.40 million by way of equity shares in
the Company. The letter dated 10.2.2000 received from ICICI Limited, the
lead institution was placed at the meeting.
It was observed by the Board that it is very critical for the Company that
the reschedulement of its debts is accepted by the Financial Institutions
and therefore the conditions imposed by them for the purpose should be
accepted.
It was further observed that though FIs have required Mr. Siddharth Shriram
and his friends, associates, relatives and group companies to induct
at least Rs.40 million, Mr. Siddharth Shriram be requested to make an
attempt to cause induction of as much funds into the Company as possible
for him to do.
Mr. Siddharth Shriram explained that he fully understands the needs of the
Company for additional funds and the importance of acceptance of
reschedulement by FIs. He further explained that he has already initiated
discussions with his friends, associates, relatives and group companies for
inducting funds into the Company and some of them have shown interest to
put in funds in the Company by way of preferential allotment.
The matter was discussed in detail and it was observed that the price and
other terms and conditions of issue of equity shares on preferential basis
shall have to be strictly in accordance with prevailing guidelines issued
by Securities and Exchange Board of India.
After further discussion, it was:
Resolved that subject to the approval of the shareholders of the Company
pursuant to the provisions of section 81 and other applicable provisions,
if any, of the Companies Act, 1956 and subject to such approvals, sanctions
and permissions as may be necessary and subject to such terms and
conditions and modifications as may be prescribed while granting such
approvals, the company do issue upto 73,17,000 equity shares of Rs.10/-
each at a price of Rs.12.30 per share (including premium of Rs.2.30 per
share) on preferential basis to the following Companies on such terms and
conditions as may be decided by the Board of Directors or Committee thereof
in accordance with the guidelines issued by the Securities and Exchange
Board of India (SEBI) or such other authorities as may be necessary in
this regard and at such time as the Board of Directors or Committee in its
absolute discretion think fit in accordance with the SEBI guidelines.
-------------------------------------------------------------------------------
S1. Name of the proposed No. of Shares
No. allottee to be allotted
-------------------------------------------------------------------------------
1. Usha International Limited 813,000
2. SFSL Securities Limited 1,626,000
3. Vins Overseas Limited 813,000
4. Cheston Investment Limited 813,000
5. Perennial Investments Limited 813,000
6. Doab Foods & General Industries Limited 813,000
7. M.S.R. Enterprises Limited 813,000
8. Lindon Investments Limited 813,000
---------
Total 7,317,000
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Further resolved that the following resolution be proposed to the shareholders
of the Company for their approval at the forthcoming Annual General Meeting:
"Resolved that in accordance with the provisions of Section 81 and other
applicable provisions, if any, of the Companies Act, 1956, and subject to
such approvals, sanctions and permissions as may be necessary and subject
to such terms and conditions and modifications as may be prescribed while
granting such approvals, and which may be agreed to by the Board of Directors of
the Company or any Committee duly constituted and authorised by the Board
(hereinafter referred to as 'Committee'), consent of the Company be and is
hereby accorded to the Board of Directors or Committee for issuing upto
73,17,000 Equity Shares of Rs.10/ each at a price of Rs.12.30 per share
(including premium of RS.2,30 per share) on preferential basis to the following
persons on such terms and conditions as may be decided by the Board of Directors
or the Committee in accordance with the guidelines issued by Securities
and Exchange Board of India (SEBI) or such other Authorities as may
be necessary in this regard and at such time as the Board of Directors or
Committee in its absolute discretion think fit in accordance with the SEBI
guidelines in this regard."
-----------------------------------------------------------------------------
S1. Name of the proposed No. of Shares
No. allottee to be allotted
-----------------------------------------------------------------------------
1. Usha International Limited 813,000
2. SFSL Securities Limited 1,626,000
3. Vins Overseas Limited 813,000
4. Cheston Investment Limited 813,000
5. Perennial Investments Limited 813,000
6. Doab Foods & General Industries Limited 813,000
7. M.S.R. Enterprises Limited 813,000
8. Lindon Investments Limited 813,000
---------
Total 7,317,000
END
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