Investor News and Events
RESULT OF POSTAL BALLOT
Pursuant to Section 192A of the Companies Act, 1956, read with the Companies (Passing of the Resolution by Postal Ballot) Rules, 2011, consent of the Shareholders was sought by Postal Ballot for buy back of 23,75,000 fully paid-up Equity Shares of the face value of Rs. 10/- each by the Company, from its equity shareholders on a proportionate basis through the “Tender Offer” route, as prescribed under the Securities and Exchange Board of India (Buy Back of Securities) Regulations, 1998 and subsequent amendments thereof for an aggregate amount not exceeding Rs. 7,71,87,500 (Rupees Seven Crores, Seventy One Lakhs, Eighty Seven Thousand and Five Hundred only) at a price not exceeding Rs. 32.50/- per equity share.
The Postal Ballot Form and the Notice dated October 18, 2013 containing the Special Resolution together with explanatory statement were dispatched to all shareholders and the last date for receipt of duly completed postal ballot forms from shareholders was November 20, 2013.
The report dated November 22, 2013 was submitted by Mr. Mohit Khemka, Practicing Chartered Accountant, the scrutinizer for Postal Ballot appointed under Section 192A of the Companies Act, 1956.
Accordingly, the Chairman has declared the results of postal ballot on November 22, 2013 at the Corporate Office of the Company as follows:
Particulars |
No. of Postal Ballot Forms |
No. of Equity Shares (Votes) |
% of valid votes cast |
Total Votes received |
25 |
85,55,768 |
100.00 |
0 |
0 |
0 |
|
Net valid Postal Ballot/ Votes |
25 |
85,55,768 |
100.00 |
Total Postal Ballot/ Votes cast in favour of the resolution |
|
85,55,768 |
100.00 |
Total Postal Ballot/ Votes cast against the Resolution |
|
0 |
0 |
The Special Resolution has therefore been approved by Shareholders with requisite majority. The results of the Postal Ballot have been displayed at the Corporate Office of the Company, and have also been communicated to the Stock Exchanges where the Company's securities are listed.
By order of the Board of Directors of
Frontline
Securities Limited
Place: Noida
Date : November 22, 2013
Rakesh Kumar Jain
Director
