Hydro S&S Industries Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on October 13, 2008, the Resolution put up for consideration viz, amendment to the Articles of Association to include the Clause on Buy Back of Shares was unanimously approved by the shareholders.
The Company have also to advise that two shareholders of the Company, one of whom is the Chairman of one of the Companys Competitor, the other a group Company of such Competitor filed a Petition before the Company Law Board, Chennai objecting to the said Buy Back of the Companys shares approved by the Board of Directors at their Meeting held on September 16, 2008. The Honourable Bench of the CLB, at the time of admitting the Petition on October 07, 2008, has only directed that the Company will not Buy Back its own Shares or Securities without the leave of the Bench.
The Company have also to advise that two shareholders of the Company, one of whom is the Chairman of one of the Companys Competitor, the other a group Company of such Competitor filed a Petition before the Company Law Board, Chennai objecting to the said Buy Back of the Companys shares approved by the Board of Directors at their Meeting held on September 16, 2008. The Honourable Bench of the CLB, at the time of admitting the Petition on October 07, 2008, has only directed that the Company will not Buy Back its own Shares or Securities without the leave of the Bench.
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