| Motherson Sumi Systems Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company will be held on December 05, 2011, inter alia, to transacting the following:
1. To create, offer, issue and allot from time to time, in one or more tranches, in the course of domestic and/or international offerings and/or qualified institutions placement ('QIP') in one or more foreign markets or domestic markets to one or more persons whether or not they are members of the Company, including but not limited to qualified institutional buyers ('QIBs') as defined under the SEBI Regulations, whether domestic investors or foreign investors, through a private placement basis and/or QIP within the meaning of Chapter VIII of the SEBI Regulations, Equity Shares, non-convertible debentures with warrants or any convertible security-which are convertible or exchangeable with Equity Shares at a later date up to the extent of 29,065,785 Equity Shares face value of Re. 1 constituting 7.5% of the issued equity share capital of the Company at price to be determined by the Board at the time of issue, but not less than price as calculated in accordance of SEBI Regulations.
2. To issue and allot on a preferential basis, up to 9,689,802 equity shares of Re. 1/- of the Company to Sumitomo Wiring Systems Ltd., Japan ('SWS'), one of the promoters of the Company, in one or more tranches, at price to be determined by the Board at the time of issue, but not less than price as calculated in accordance with the SEBI Regulations.
3. To the offer, issue and allot, at such prices and on such terms and with such attributes, rights and privileges and all other matters connected therewith or incidental thereto, as the Board may from time to time decide, to be subscribed in foreign/Indian currency, of foreign currency convertible bonds ('FCCBs') and/or other bonds, securities or instruments convertible into equity shares of the Company of face value Re. 1 each, not exceeding 9,689,802 Equity Shares, to Sumitomo Wiring Systems Ltd., Japan ('SWS') one of the promoters of the Company, at such time or times in one or more tranche or tranches, on such date as may be determined by the Board, at par or at such price or prices, and on such terms and conditions and in such manner as the Board may, in its absolute discretion determine, without requiring any further approval or consent from the shareholders of the Company and subject to the applicable regulations/guidelines in force.
4. For Borrowing from time to time such amounts as they may deem appropriate for the business and purpose of the Company, notwithstanding that the amount to be borrowed, together with the amount already borrowed (apart from temporary loans obtained from the Company's bankers in the ordinary course of business) may exceed the aggregate of the paid-up capital of the Company and its free reserves, that is to say reserves not set apart for any specific purpose, provided that the aggregate of the amount that may be borrowed by the Board of Directors shall not exceed Rs. 10,000 Million (Rupees Ten Thousand Million only) at any time.
Motherson Sumi Systems Ltd has informed BSE that the Extra Ordinary General Meeting (EGM) of the Company was held on December 05, 2011.
1. Authority to the Board to create, offer, issue and allot from time to time, in one or more tranches, in the course of domestic and/or international offerings and/or qualified
institutions placement ('QIP') in one or more foreign markets or domestic markets to one or more persons whether or not they are members of the Company, including but not limited to qualified institutional buyers ('QIBs') as defined under the SEBI Regulations, whether domestic investors or foreign investors, through a private placement basis and/or QIP within the meaning of Chapter VIII of the SEBI Regulations, Equity Shares, non-convertible debentures with warrants or any convertible security-which are convertible or exchangeable with Equity Shares at a later date up to the extent of 29,065,785 Equity Shares face value of Re. 1 constituting 7.5% of the issued equity share capital of the Company at price to be determined by the Board at the time of issue, but not less than price as calculated in accordance of SEBI Regulations.
2. Authority to the Board to issue and allot on a preferential basis, up to 9,689,802 equity shares of Re. 1/- of the Company to Sumitomo Wiring
Systems Ltd., Japan ('SWS'), one of the promoters of the Company, in one or more tranches, at price to be determined by the Board at the time of issue, but not less than price as calculated in accordance with the SEBI Regulations.
3. Authority to the Board offer, issue and allot, at such prices and on such terms and with such attributes, rights and privileges and all
other matters connected therewith or incidental thereto, as the Board may from time to time decide, to be subscribed in foreign/Indian currency, of foreign currency convertible bonds ('FCCBs') and/or other bonds, securities or instruments convertible into equity shares of the Company of face value Re. 1 each, not exceeding 9,689,802 Equity Shares, to Sumitomo Wiring Systems Ltd., Japan ('SWS') one of the promoters of the Company, at such time or times in one or more tranche or tranches, on such date as may be determined by the Board, at par or at such price or prices, and on such terms and conditions
and in such manner as the Board may, in its absolute discretion determine, without requiring any further approval or consent from the shareholders of the Company and subject to the applicable regulations/guidelines in force.
4. For Borrowing from time to time such amounts as they may deem appropriate for the business and purpose of the Company, notwithstanding that the
amount to be borrowed, together with the amount already borrowed (apart from temporary loans obtained from the Companys bankers in the ordinary course of business) may exceed the aggregate of the paid-up capital of the Company and its free
reserves, that is to say reserves not set apart for any specific purpose, provided that the aggregate of the amount that may be borrowed by the Board of Directors shall not exceed Rs. 10,000 Million (Rupees Ten Thousand Million only) at any time.
(As Per BSE ANnouncement Website Datedon 08/12/2011) |
| Motherson Sumi Systems Ltd has informed BSE that the Hon'ble High Court of Delhi has approved the Applications (First Motion) in respect of the merger of:
- MSSL Global Wiring Ltd (MGWL) and India Nails Manufacturing Ltd (India Nails) with Motherson Sumi Systems Ltd (MSSL) both being wholly owned subsidiary of MSSL and
- Sumi Motherson Innovative Engineering Ltd, with Motherson Sumi Systems Ltd
In respect of merger of MGWL and India Nails with MSSL
The Hon'ble High Court of Delhi vide its Order dated August 24, 2011 has passed an Order and dispensed with the meetings of shareholder, secured and unsecured creditors of the Company.
In respect of merger of SMIEL with MSSL
The Hon'ble High Court of Delhi has directed MSSL to get the approval from its shareholders, secured creditors and un-secured creditors. These meetings are scheduled to be held on October 15, 2011 at PHD House, August Kranti Marg, New Delhi under the supervision of the Court.
Motherson Sumi Systems Ltd has submitted to BSE a copy of Proceedings of the Court Convened Meeting of the shareholders, secured creditors and unsecured creditors of the Company held on October 15, 2011 inter alia, have approved the Scheme under Sections 391-394 of the Companies Act, 1956 between Motherson Sumi Systems Limited and Sumi Motherson Innovative Engineering Limited and the
shareholders and creditors approved, subject to the said Scheme being sanctioned by the Hon'ble High Court of Delhi at New Delhi under Sections 391-394 and other applicable provisions, if any, of the Companies Act, 1956, and such other approvals as may be required.
(As Per BSE Ann0ouncement Website Dated on 16/11/2011) |