Syncom Formulations announces cancellation of EGM

Mumbai, Jan 24 (UNI) Syncom Formulations India Ltd has cancelled the Extraordinary General Meeting (EGM) of the members it had proposed to hold on February 11 for seeking approval of the members for increase in the authorised share capital.

An amendment in the Articles of Association and Memorandum of Association had been sought as well as authority for issuance of 3,10,000 equity shares of Rs 10 each at a premium of Rs 45 per share and 6,40,000 warrants of Rs 55 each convertible into the equity shares of Rs 10 each at a premium of Rs 45 per share on preferential basis.

The proposed allottees have expressed their unwillingness to participate and subscribe in the proposed allotment of securities of the Company.

In view of the withdrawal of consent by the proposed allottees, an urgent meeting of the Board of Directors of the Company was held yesterday, which decided cancel the extraordinary general meeting proposed to be held on February 11, 2008 and to reconsider the matter at the appropriate time for raising of capital funds by the Company.

UNI AR OBB SKB1945