| Board has considered and transacted the following business:
At the meeting of Board of Directors held on May 15, 2010 it was resolved that allotment of 1,25,00,000 warrants convertible into equity shares of Rs 10/- each be made on preferential basis.
On further deliberation, it was decided that 75,00,000 warrants on preferential basis, entitling the warrant holders to apply for equivalent number of fully paid up equity shares of Rs 10/- at any time within a period of 18 months from the date of allotment of warrants.
An Extra Ordinary General Meeting of the company is to be convened on July 02, 2010 to give effect to the above resolution.
Suave Hotels Ltd has informed BSE that the Extra Ordinary General Meeting (EGM) of the Company was held on July 02, 2010.
(As Per BSE Announcement Website dated on 05.07.2010) |
| Board has considered and transacted the following business:
1. Pursuant to the provisions of Sec 81(1A) and other applicable provisions of the Companies Act, 1956 (including any statutory modification(s) or re-enactment thereof for the time being in force) and pursuant to provisions of Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations 2009 has approved the issue of 1,25,00,000 warrants on preferential basis to promoters and others, entitling the warrant holders to apply for equivalent number of fully paid up equity shares of Rs. 10/- each, at a price not less than arrived at as per the above mentioned regulations, at any time within a period of 18 months from the date of allotment of warrants.
The proposed issue of warrants shall be subject to the approval by the shareholders of the Company and such other consent(s)/approval(s)/permission(s) as may be required.
The relevant date for the purpose of determining the price for the preferential issue of warrants as aforesaid would be 30 days prior to the date of Extra Ordinary General Meeting, under Chapter VII of the SEBI (Issue of Capital and Disclosure Requirements) Regulation 2009.
The Board has also approved the increase in Authorized Capital of the Company for the above purposes.
The Board has decided that subject to the approval of shareholders, Central Government and other statutory bodies, the name of the Company be changed from "Suave Hotels Ltd" to "The Byke Hospitality Ltd".
An Extra Ordinary General Meeting will be called on June 12, 2010 for approval of shareholders on matters in point 1 & 2. |