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Question
Write a letter to the director who was absent for a board meeting to inform him about proceeding of the meeting.
Solution
| SHAH & SHARMA COMPANY LIMITED 139 A, Shah Apartment, Copala hill. Mumbai – 400 016. CIN: L20223MH2021PLC869534. |
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| Tel no. (022)-2299 4918. Fax no. (022)-2299 7391. |
Website: www.shahnsharmaltd.com Email: [email protected] |
Ref no. SNS/DR/28/2021 The Directors, Mr. Mahesh N. Saluja, 94, Siddheshwar Apartment, Shivshankar Park, Dadar (west), Mumbai- 400 028. |
Date: 12th November 2021 |
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Sub: Report of Board Meeting held on 5 November 2021. Dear Sir, I am enclosing herewith a copy of the minutes of the last Board meeting held on 5th November 2021 which you could not attend. I would like to draw your kind attention to Item No. 3 of the enclosed minutes. Item No. 3: It was decided in the last meeting to import some latest heavy duty machines as a part of the modernisation project of the Company. This item was discussed in detail. This meeting resolved upon rotating capital by the issue of equity rights and by inviting fixed deposits to finance the project. The following decisions were taken unanimously. (1) The Company should issue 7.50.000 equity shares of? 10 each to the members of the public and the existing shareholders should be given rights to buy two shares for every one share held by them. (2) The Company should accept Fixed Deposits from the members of the public for a duration of 2 and 3 years with interest at the rates of 10% and 12% p.a. respectively. It is possible to raise about 2 crore rupees through this source. The other items in the minutes, being of a routine nature. Need no explanation. I shall be glad to give you further details if you so desire. Thanking you, Your faithfully, Sd./ Encl.: Copy of the draft Minutes of Board Meeting. |
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