Surat Textile Mills gets contract order

Surat Textile Mills Ltd has informed that with reference to the scheme approved by the BIFR and the order dated January 22, 2008 received by the Company. The Company further confirm having provided the gist of the order by way of a corporate announcement made by the Company on January 30, 2008 after having taken on record by the Board of Directors of the Company.

Further the Company has informed that, consequent to the write down of equity share capital of the Company by 90% under section 18(2)(f) of Sick Industrial Companies Act, 1985 (SICA), the face value and paid up value of equity shares of the Company stands reduced from Rs 10 per equity share to Rs 1 per equity share. Accordingly the existing clause 5 of the Memorandum of Association of the Company be and is hereby substituted by the following.

V. The Authorised Share Capital of the Company is Rs 75,00,00,000 divided into 75,00,00,000 Equity Shares of Rs 1/- (Rupees One only) each with the power to increase or reduce the capital to consolidate the shares in the capital, to convert or to divide the shares in the capital, for the time being whether original or increased into, several classes and to attach thereto any preferential or special rights or conditions, as may be determined by or in accordance with the regulations of the Company, subject however, to the provisions of the Companies Act, 1956 or any statutory modifications thereof.