Accordingly the board approved to make a preferential allotment of 5 lakh equity shares and 10 lakh warrants to promoters.

Meanwhile the board also considered the voluntary delisting of company's shares from the Kolkata, Jaipur and Ahmedabad stock exchanges.

The board will hold an extraordinary general meeting (EGM) on 20 March 2007 to seek the approval of the shareholders in respect of the above matters.