At meeting held on 06 April 2015
Visagar Polytex announced that the Board of Directors of the Company at its meeting held on 06 April 2015, has considered, approved and decided the following:1. Issue of Bonus Equity Shares in the ratio of 10:1, i.e. 10 (ten) Equity Shares of a face value of Re. 1/- each for every existing 1 (one) Equity Share of Re. 1/- each fully paid by way of capitalization of Free Reserves & Securities Premium Account subject to the approval of Members;
2. Increase in Authorised Share Capital of the Company from Rs. 5,00,00,000/- consisting of 50,000,000 Equity Shares of Re. 1/- each to Rs. 19,00,00,000/- consisting of 19,00,00,000 Equity Shares of Re. 1/- each to make the capital sufficient to accommodate the bonus issue and alteration of Clause V of Memorandum of Association of the Company subject to the approval of Members;
3. Change in the accounting year of the Company from the existing July - June period to the financial year April - March;
4. Agreed to close the accounts of the Company till the period ended 31 March 2015 and shall submit audited results of the Company for such period of nine months, i.e., from 01 July 2014 to 31 March 2015;
5. Hereinafter opts to close its annual accounts on 31st March every year;
6. Appointment of Sagar Kothari as Chief Financial Officer of the Company with effect from 06 April 2015;
7. Appointment of M/s. Rituraj & Associates, Practising Company Secretary as Secretarial Auditor of the Company for the financial year 2014-15; &
8. Appointment of M/s. RNA & Associates, Chartered Accountants as Internal Auditor of the Company for the financial year 2014-15.
The Board further approved Notice of Postal Ballot along with Explanatory Statement, Postal Ballot Form, Evoting Procedure and related matters for consideration and approval of Members in respect of businesses transacted at point no. (1) & (2) above.
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