Signet Industries Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 14, 2010, inter alia, has transacted and approved the following business :
1. The Board decided to increase the Authorized Share Capital of the Company from Rs. 5.00 crores to Rs. 35.00 crores divided into 3.00 crores Equity Shares of Rs. 10.00 each and 50.00 lacs 5% Non Cumulative Redeemable Preference Shares of Rs. 10.00 each.
2. The Board decided and approved the recommendation to issue 5 (Five) fully paid Bonus equity shares ('Bonus Shares') of Rs. 10 (Rupees Ten Only) each for every 1 (One) existing fully paid equity share held in the Company, subject to the approval by the members in the General Meeting of the Company.
3. The Board has considered the re-appointment of Shri Mukesh Sangla as Managing Director of the Company to hold office of Managing Director on such terms and conditions and remuneration as may be decided by the members in their meeting.
4. Extra-ordinary General Meeting of the Members of the Company will be held on November 08, 2010.