"RESOLVED that pursuant to the provisions of section 78 of the Companies Act, 1956, an amount of Rs. 1,20,00,000 equal to the aggregate of the amount of premium received on shares by the company on the issue and allotment of 12,00,000 equity shares of Rs. 10/- each @ of Rs. 10/- per share be and is hereby transferred to the Share Premium Account of the company and the said money be applied for purposes permitted by sub-section (2) of section 78 of the Companies Act, 1956."
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