GSAL India Ltd has informed BSE that the members of the Company will consider to approve, the following resolutions, by way of Postal Ballot:
1. Reduction of equity capital by 85% u/s 192A of the Companies Act, 1956.
2. Increase in Authorized Capital from Rs 1200 million to Rs 1330 million by Alteration of Memorandum & Article of Association of the Company U/s 94 of the Companies Act, 1956.
3. Issue of equity and preferential shares as :
a. Issue of Preferential Share Capital to Rs 983.640 million to lenders on conversion of part of debt as per the restructuring scheme.
b. Issue of Equity Share Capital to Promoters Rs 100 million and Rs 82.621 million to lenders as per the restructuring scheme.
The Company has appointed Mr. P M V Subba Rao, FCS, Practicing Company Secretary, Hyderabad, as Scrutinizer for conducting Postal Ballot Form in a fair & transparent manner.
The Postal Ballot form duly completed should reach the Scrutinizer on or before May 15, 2006. The Scrutinizer will submit his report to the Chairman and the results of the Postal Ballot will be declared on May 25, 2006.