At meeting held on 20 May 2019
The Board of Best Eastern Hotels at its meeting held on 20 May 2019 has approved the following -1. The Board decided to defer the increase in Authorised Share Capital and approved reclassificationof Share Capital of the Company from Rs. 6,00,00,000/- (Rupees six crores only) divided into 4,80,00,000 (Four crores and eighty lakhs only) equity shares of Rs. 1/- (Rupee one only) each and 12,00,000 (Twelve Lakhs) Redeemable Preference Shares of Rs. 10/- (Rupees ten only) each to Rs. 6,00,00,000/- (Rupees six crores only) divided into 3,60,00,000 (Threecrores and Sixty lakhs only) equity shares of Rs. 1/- (Rupee one only) each and 24,00,000 (Twenty four lakhs) Redeemable Preference Shares of Rs. 10/- (Rupees ten only) each.
2. Approved alteration of Clause 5 of Memorandum of Association to reflect the reclassification of the authorized share capital.
3. Approved alteration of Clause 3 of Articles of Association to reflect the reclassification of the authorized share capital.
4. Approved to issue of 12,00,000 10% Cumulative Non-Convertible Redeemable Preference Shares of Rs. 10/- each (hereinafter referred as 'preference shares'), at par, to the existing preference shareholders in the ratio of 1:1 (One preference share for every one preference share held) on right basis.
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