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PAL CREDIT and CAPITAL LTD. - Outcome of Board Meeting
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30 Oct 2013
PAL Credit and Capital Ltd has informed BSE that the Board of Directors of the Company at its adjourned meeting held on October 30, 2013, has decided the following:&lt;br/&gt;&lt;br/&gt;1. Effect of Reduction of Capital from Rs. 10 per equity share to Re. 1 per equity share was given in the Books of Accounts on July 29, 2013. Therefore, for the purpose of record, accounts for 4 (four) months from April 2013 to July 2013 are prepared and audited. The Board took on record Audited Balance Sheet as at and Statement of Profit and Loss for the 4 (four) months ended April 2013 to July 2013 and report of the Statutory Auditors thereon.&lt;br/&gt;&lt;br/&gt;2. Subject to the approval of the Members of the Company and other statutory approvals that may be required, the Board of Directors has appointed Shri. M. Sudalaikannu, Chief Manager and CEO of the Company, as Manager under Companies Act 1956.&lt;br/&gt;&lt;br/&gt;3. Subject to the approval of the Members and other statutory approvals as may be required, the Board of Directors has decided, to offer to all the existing shareholders of the Company 4,32,00,512 equity shares of Re. 1 each in the ratio of 2:1 equity shares i.e. 2 (two) equity shares for every 1 (one) equity share held on a record date to be decided by the Board in consultation with the stock exchange.&lt;br/&gt;&lt;br/&gt;4. Subject to approval of the Central Government, Reserve Bank of India, other statutory approvals and approval of the Members of the Company, the Board of Directors has decided to Change the Name of the Company from PAL CREDIT and CAPITAL LIMITED to PREMIER CREDITCORP LIMITED.
View all announcements for PAL CREDIT and CAPITAL LTD. Source: BSE India