"RESOLVED that 15,00,000 equity shares of Rs. 10/- each in the share capital of the company, be and are hereby issued to the persons who at the date of the offer, i.e.,…………, 2000………, are holders of the equity shares of the company in proportion, as nearly as circumstances admit of three equity shares for every ten equity shares held on the aforementioned date (fraction of a new equity share being disregarded) inter-alia on the following terms and conditions :
(i) That the full amount of Rs. 10/- per share shall be payable along with the application for such shares in the prescribed application form of the company.,
(ii) The offer for new equity shares now being made shall be limited to those persons who, as on……….., 2000………, are holders of equity shares of the company. Such persons are, however, entitled to apply for additional shares out of those shares not taken up by any of the existing shareholders in the proportion to be decided by the Board of Directors at its discretion having regard to the proportion such equity shareholders have to the paid-up equity capital of the company.
(iii) The offer aforementioned shall include a right exercisable by the persons to renounce the shares now being offered in favour of any other person(s) provided such renunciation is made before the time not being less than fifteen days from the date of the offer.
(iv) Any profit on the sale or disposal of fractional certificate and/or the equity shares not accepted by the offerees will be distributed to the existing shareholders in proportion to their holdings of equity shares.
(v) The share transfer book shall remain closed from………….. 2000…… to………., 2000….. ……(both days inclusive). The last date for the acceptance of offer has been fixed at………….. 2000…….., and the date within which the amount for the shares offered shall be payable has been fixed at………. 2000……
RESOLVED further that the draft letter of offer/notice, renunciation and the application form as vetted by SEBI and as tabled and authenticated under the initial of the chairman of the meeting, be and are hereby accepted and the Secretary of the company be instructed to issue the notice of such offer to the holders of shares as on the abovementioned date and to make necessary arrangement in connection therewith."