"RESOLVED that further issue of shares of Rs. 1.5 crores in the equity share capital of the company consisting of shares of Rs. 10/- each, be made by offering the shares to the members of the company in proportion to the shares held by each one of them and in case any member of the company is not willing to subscribe for the shares so offered, the Board of directors of the Company shall be at liberty to issue the shares so unsubscribed to such other persons as the Board of directors may decide, subject to the condition that the Board shall ensure that the number of members of the Company, excluding past and present employees of the company, does not exceed fifty;
RESOLVED further that any member or members of the company who would have applied for additional number of shares shall be allotted additional shares on equitable basis while making offer of unsubscribed shares."
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