Gemini Communication Ltd's EGM on Mar 30

Mumbai, Mar 9 (UNI) Gemini Communication Ltd will hold an extra-ordinary general meeting (EGM) of its members on March 30 to decide various issues.

Informing the Bombay Stock Exchange (BSE) about the EGM today, the company said in the meeting, the members will discuss an issue of capitalisation of a sum not exceeding Rs 4,38,40,000 earned through accumulated profits and its distribution amongst the company's shareholders, whose names are mentioned afore in the Register of Members or Beneficial Owners. The amount will not be paid in cash but instead one new equity share will be issued for every existing equity share held by them. For this, the company will allot and distribute 87,68,000 new equity shares of Rs 5 each, subject to necessary provisions and approvals.

Besides this, the company will also deliberate on a proposal to issue and allot the new shares to different investors through various tranches subject to necessary provisions and approvals.

The members will also decide on increasing the authorised share capital of the company from Rs 6,00,00,000 to Rs 15,00,00,000 by addition of 1,80,00,000 equity shares of Rs 5 each in pari passu with the existing equity shares of the company and consequential amendments in the Memorandum and Articles of Association of the company.

Lastly, for insertion of the following Article 10(f) after the existing Article 10(e) of the Articles of Association of the company. ''Article 10 (f) states that option or right to call of shares shall not be given to any person except with the sanction of the company in general meeting,'' the release added.

UNI