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Khandelwal Extractions announced that the Board of Directors of the Company at its meeting held on 29 July 2014, inter alia, have considered and approved the followings;
1. Recommendation to shareholders for seeking their approval to issue 500000 10.5% Cumulative Redeemable Preference Shares of Rs. 100/- each on private placement basis and change in Capital Clause of Memorandum of Association of the Company to increase Authorised Capital of the Company from Rs. 1.50 crore to Rs. 2 crore by adding 50000 10.5% Cumulative Redeemable Preference Shares of Rs. 100/- each. These shares are not to be Listed.
2. Recommendation to shareholders seeking there fresh approval for issue of 5000 12% Cumulative Redeemable Preference Shares of Rs. 100/- each (already approved by shareholders in AGM dated September 28, 2013) and utilize the proceeds thereof to redeem 5000 10% Cumulative Preference shares of Rs. 100/- each due for maturity on 15 October 2014.
3. To redeem 5000- 10% Cumulative Redeemable Preference Shares of Rs. 100/- each on the date of maturity i.e. 15 October 2014 out of the proceeds of issue of new Preference shares and pay dividend accrued on these for the period 01 April 2014 till the date of maturity out of current year's profits.
4. Appointed Kailash Nath Khandelwal as Chairman of the Company.
5. Appointed Rekha Kejriwal additional director in terms of section 149 of the companies Act 2013 as Independent director and also to comply the listing requirement for Woman director on the Board of the Company.
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