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Alok Industries has announced that the board of directors of the company proposes to pass the following resolutions by circulation on 25 September 2012 to withdraw the proposal of the issue of equity shares of the company and/or other securities through QIPs / ADRs / GDRs / FCCBs/ and or any other securities compulsorily convertible into equity shares or any combination of the forgoing, which was approved by the board of directors through circular resolution on 02 April 2012 and the shareholders by way of a postal ballot on 07 May 2012.
The board will also withdraw the proposal of a preferential allotment of up to 2,75,00,000 equity shares and up to 5,00,00,000 warrants to the promoters / promoter group of the company in terms of SEBI Regulations, as amended from time to time, which was approved by the board of directors at its meeting held on 18 May 2012 and the issue of equity shares on a rights basis to the existing shareholders of the company under section 81 (1) and other applicable provisions of the Companies Act, 1956.
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