Simplex Projects Ltd has informed that the Shareholders of the Company at the 18th Annual General Meeting held on September 22, 2008 had given their consent pursuant to Section 81(1A) of the Companies Act, 1956 to issue 8,00,000 convertible equity warrants to M/s. Safforn Finpro Distributors Pvt. Ltd having its office at Bhoomi Green, Raheja Estate, Kulupwadi, Borivali (East), Maharashtra 400066.
However the Company is in receipt of a letter from the aforementioned party, whereby they have expressed their unwillingness to subscribe at present, the aforesaid equity warrants in view of the changing market and economic scenario.
As per the relevant SEBI Guidelines, the aforesaid resolution passed by the shareholders to issue warrants is valid for a period of 15 days and the Company has to issue the warrants within the said period 15 days, hence the proposal to issue convertible equity warrants stands cancelled.
However the Company is in receipt of a letter from the aforementioned party, whereby they have expressed their unwillingness to subscribe at present, the aforesaid equity warrants in view of the changing market and economic scenario.
As per the relevant SEBI Guidelines, the aforesaid resolution passed by the shareholders to issue warrants is valid for a period of 15 days and the Company has to issue the warrants within the said period 15 days, hence the proposal to issue convertible equity warrants stands cancelled.
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