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.