Scheme of Arrangement For Repayment of Capital
In August,2002, considering the difficulties faced by the small shareholders in dematerialisation of shares due to prohibitive cost of dematerialisation and at the same time no market for physical shares that too in odd lot due to compulsory demat of script, the Company had proposed aScheme of Arrangement for repayment of capital to small shareholders holding upto 99 shares in physical form in each folio. As per provisions of the said Scheme, shareholders desirous of continuing as shareholder of the Company had to send option form, sent alongwith notice and Business Reply Envelope under certificate of posting (UPC), to the Company so as to reach on or before 25.11.2002. The Small shareholders who did not opted as above, have been considered for the repayment of capital as per provisions of the Scheme of Arrangement. Further please note that said Scheme got approval of Hon’ble High Court of Gujarat vide its order dt. 17.02.2003, certificated copy of which received on 28.02.2003
Accordingly, on approval of Scheme of Arrangement for repayment of capital, the Company had sent Capital repayment warrants in first week of March,2003 to all shareholders who had been considered for repayment of capital and shareholders were required to cancel/ tear off shares which had been considered for repayment of capital.