The members have decided to create, offer, issue and allot, in one or more tranches by way of preferential issue upto 10,19,022 equity shares of Rs 10 each of the company for cash to Industrial Development Bank of India at a price of Rs 58.88 per equity share, aggregating upto Rs 6 crore.

Further, the members have decided to create, offer, issue and allot, in one or more tranches, by way of preferential issue upto 49,54,000 0.01% cumulative redeemable preference shares of Rs 100 each of the company for cash, to Industrial Development Bank of India, aggregating upto Rs 49.54 crore arising out of the conversion of deferred interest into 0.01% cumulative redeemable preference shares as per the one time settlement of dues with IDBI.

This was decided at the extra ordinary general meeting held on 07 November 2007.