RESOLUTION FOR ISSUE OF EQUITY SHARES AT A PREMIUM TO BE OFFERED TO EXISTING SHAREHOLDERS ON RIGHTS BASIS AND TO EMPLOYEES OF THE COMPANY
RESOLVED that subject to such consents, approvals and sanctions as may be necessary and subject to such conditions and modifications as may be required by any of them and accepted by the Board of Directors ("Board") of the Company for which purpose the Board is hereby authorised, the Board be and is hereby authorised pursuant to section 81 (1 A) of the Companies Act, 1956 ("The Act") to make a further issue of capital by offering____________.further equity shares of Rs. 10 each in the company from out of the unissued authorised capital of the Company at a premium of Rs per share as
under:
(1) equity shares to be offered to the persons who will be the holders of the existing equity shares of the company and whose names will appear on the register of members of the company on such date as the Board may hereafter fix for the purpose, in the proportion of one new equity share for every five existing equity shares held by them; and
(2) equity shares to be offered to the permanent employees (including workers) of the company on the rolls of the company on such date as the Board may hereafter fix, and the Indian working directors of the company, on an equitable basis.
RESOLVED FURTHER that the aforesaid issue of new equity shares shall be subject to the following principal terms and conditions:
1. The said new equity shares shall be offered for subscription for cash, at a premium of Rs ____________. per share.
2. The total sum of Rs____________.(Rs____________. on capital account and Rs____________.on premium account) per share, shall be paid with the acceptance of the offer of such shares.