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Vishal Bearings announced that the Meeting of Board of Directors of the Company was held on 15 October 2016 and following decisions have taken on record:
1. Increase in Authorised Share Capital of the Company from existing Rs. 50,000,000 (Rupees Five Crore) divided into 5,000,000 (Fifty Lakh) equity shares of Rs. 10/- each to Rs. 100,000,000 (Rupees Ten Crore) divided in to 1,000,000 (One Crore) equity shares of Rs. 10/- each.
2. Consequently alteration in capital clause of Memorandum of Association.
3. Issue of Bonus Shares by capitalising the reserves to the shareholders of the Company in the proportion of 1:4 (One Bonus share for every Four shares held) which will be subject to the approval of the members.
4. Extra-Ordinary General Meeting of the Company Schedule to be held on 14 November 2016 at 04:00 PM at registered office of the Company.
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