Cambridge Technology Enterprises Limited has informed that the Board of Directors of the Company at its meeting held on June 30, 2009, inter alia, had cancelled 19,50,000 Convertible Equity Warrants allotted to M/s Rosebury Investments Pte Limited and 23,00,000 Convertible Equity warrants allotted to Prime Genius Investments Pte Limited on December 17, 2007 on preferential basis.
The Board has forfeited the 10% up-front amount of Rs 2,33,75,000/- received by the Company as the balance 90% amount was not received by the Company within the stipulated period as per the terms and conditions of issue and further the said allottees have not exercised their right to convert the warrants into equal number of equity shares in view of the unfavorable market conditions.
The Board has forfeited the 10% up-front amount of Rs 2,33,75,000/- received by the Company as the balance 90% amount was not received by the Company within the stipulated period as per the terms and conditions of issue and further the said allottees have not exercised their right to convert the warrants into equal number of equity shares in view of the unfavorable market conditions.
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