Tata Textile to increase authorized share capital from Rs200mn to Rs1bn

May 17, 2021 (MLN): The shareholders of Tata Textile Mills Limited in an extraordinary general meeting held on April 30, 2021 have approved to increase the Authorized Share Capital of the Company from Rs200 million divided into 20 million ordinary shares of  Rs10  each to Rs1 billion divided into 100 million ordinary shares of Rs10 each by the creation of 80 million additional ordinary shares of Rs10 each.

These shares shall rank pari passu in every respect with the existing ordinary shares of the Company.

Company’s shareholders further resolved that thein consequence of the aforesaid increase in the Authorized Share Capital of the Company, the existing clause V of the Memorandum of Association and Article 6 of the Articles of Association of the Company be and is hereby substituted accordingly, the notice to Exchange said.

It has been further resolved that the Chief Executive and Company Secretary be and are hereby singly authorized to do all acts, deeds and things and take all steps and necessary actions ancillary and incidental including the filing of requisite documents and returns as may be required with the Registrar of Companies, Securities and Exchange Commission of Pakistan and complying with all other regulatory requirements to effectuate and implement this resolution.

According to the notice issued to PSX, the company’s shareholders further resolved that the alteration in the Memorandum of the Company shall be subject to any amendment, modification, addition or deletion as may be suggested, directed and advised by the SECP which suggestion, direction and advice shall be deemed to have been approved as part of the passed Special Resolution without the need of the members to pass a fresh Special Resolution.

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