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Suprajit Engineering announced that the Board of Directors of the Company at its meeting held on 18 April 2016, has transacted various items of business;
1. Approved the draft Scheme of Amalgamation of Phoenix Lamps , Noida, a Subsidiary of the Company with Suprajit Engineering.
2. The Board also:
- Recommended to alter the Memorandum of Association to include new business relating to lamps and Articles of Association of the Company to be in line with the Companies Act, 2013.
- Recommended to increase the borrowing powers of the Board.
- Recommended to increase the limits of loans and investments by the Board.
- Recommended to seek the approval of the Shareholders by way of Postal Ballot for the above items.
Further, based on the Share Exchange ratio recommended by the Independent Valuer, in line with SEBI guidelines and duly reviewed by the Audit Committee, the Board also fixed the Share Exchange Ratio as 4 Equity Shares of the face value of Re. 1/- (Rupee One only) each in Suprajit Engineering with rights attached thereto as mentioned in this Scheme, for every 5 Equity Shares of the face value of Rs. 10/- (Rupee Ten only) each held in Phoenix Lamps as on the “Record Date” to be fixed by the Board of Directors of the Company.
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