Foundry Fuel - Fixes Record Date for Reduction of Share Capital
Foundry Fuel Products Ltd has informed BSE that the Company has fixed June 15, 2012 as the Record Date for the purpose of determining the Members whose shares would be subject to capital reduction in connection with the Order passed by the BIFR (Board For Industrial & Financial Reconstruction), New Delhi in the hearing dated May 07, 2012.
BIFR has approved and sanction Modified Rehabilitation scheme (MRS) in the hearing held on May 07, 2012. As per para 15.7 of the scheme the Existing Equity Share capital of Rs. 607.75 lacs to be written down to 50% and subsequently equity share to be consolidated in to face value of Rs. 10 each fully paid up without the requirement of following the provisions of Companies Act 1956 the special resolution of shareholder has already been passed by the Company. . Further for fraction shares the Board of Director has authorised the appointment of Nominee. The fraction shares of all concerned shareholders will be credited to such Nominee''s account and subsequently the value realisation shall be sent to concerned shareholders.