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Modifation of Share warrants

Liston (CS) (96 Points)

02 March 2010

Pl help regarding modification of share warrants issued so that we can go with new lot share warrants

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7 Replies

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 02 March 2010

If you want to modify the format of share warrants just pass a board resolution and adopt new format before use.

Regards

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Rasesh (CS CWA MBA (Fin) B.Com LL.B (Spl)) (6501 Points)
Replied 03 March 2010

I believe you want to modify the terms and conditions of the share warrants, in which case, if the terms and conditions are issued in accordance with the board instructions, then you would have to get the revised terms approved by the Board, then permission sought from the warrant holders, obtain approval from the warrant holders and then notify in the next meeting.

Liston (CS) (96 Points)
Replied 03 March 2010

Thank you, Rasesh sir,

The situation is the warrants are issued to promoters under section 81(1A) by a listed complying with all regulations and guide lines of SEBI and taking in principal approval from stock exchange. Kindly advise

Ankur Garg (Company Secretary and Compliance Officer) (114773 Points)
Replied 03 March 2010

As per my understanding after receiving In-principal approval u/c 24(a) it wouldn't be possible to modify terms and conditions of warrants. Now you have to file the listing application within one month of allotment.

With reference to your query kindly elaborate the words "modification of share warrants" to suggest something.

CourseCart.in (Mentor at SHAYVIDZ Academy) (3756 Points)
Replied 04 March 2010

i also agree wid ankur sir.. it wouldn't be possible to modify terms and conditions of warrants.. please explain which type of modification in share warrants have to be going took place?

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Rasesh (CS CWA MBA (Fin) B.Com LL.B (Spl)) (6501 Points)
Replied 04 March 2010

if I can understand between the lines, then you want to change the conversion rate or extend the date.

In that case, it would not be possible. Either the option has to be lapsed (redemption) or excercised partially (to the extent possible). Modification in such terms would not be possible.