Event Date: N/A
The document is a notice for an Extraordinary General Meeting (EGM) of the shareholders of Onix Renewable Limited, scheduled for Saturday, November 30th, 2024, at 5:00 pm at the company's registered office in Rajkot, Gujarat. The primary purpose of the meeting is to consider and, if deemed appropriate, pass a Special Resolution regarding the issuance and allotment of bonus shares.
Special Business: Issuance and Allotment of Bonus Shares
The resolution proposes, pursuant to Section 63 of the Companies Act, 2013, and other applicable provisions, to issue bonus equity shares of Rs. 10 each to the shareholders from the Securities Premium Account in the ratio of 1:40. This means every shareholder holding one equity share of Rs. 10 will be issued 40 bonus equity shares of Rs. 10 each, fully paid up. The bonus shares will be offered as fully paid up equity shares to the shareholders on a record date determined by the board of directors after shareholder approval. The issued equity shares will have the same voting rights as the existing shares and be treated equally with existing shares. Shares will be issued and allotted in dematerialized form to the holders' demat accounts. Fractional shares resulting from the bonus issue will not be issued; instead, the bonus will be rounded down to the nearest whole number. The Board of Directors is authorized to take all necessary actions to give effect to the resolution, including signing documents and making applications with regulatory bodies like ROC, NSDL, CDSL, and RTA.
Explanatory Statement (Section 102 of Companies Act, 2013)
The company has performed well in terms of profit and business. The bonus issue aims to capitalize the Security Premium Account and rationalize the capital structure. The Board of Directors proposed the bonus issue in their meeting held on November 6th, 2024. This will also rationalize the paid-up capital with the funds employed in the company. As per Section 63 of the Companies Act, 2013, shareholder approval is required via a Special Resolution. The Directors recommend the resolution for approval. The Board confirms that none of the directors or key managerial personnel, or their relatives, are concerned or interested financially in the resolution except for their shareholding.
Other Notes
A member entitled to attend and vote can appoint a proxy who need not be a member. Proxy forms must be submitted at the registered office at least 48 hours before the meeting. Proxies on behalf of Companies/Societies must have supporting resolutions/authority. Members/proxies/authorized representatives need to bring the filled attendance slip sent with the notice. In case of joint holders, only the first joint holder is permitted to vote.
The document also includes an attendance slip to be completed and handed over at the entrance and a proxy form to appoint a proxy to attend and vote on behalf of the shareholder.
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