Baggry Holding Ltd is holding an EGM on 13/03/2023 to amend the terms of its 20 year duration Preference shares. Now, holders would be able opt for Redemption, at any time.
Please click ;-
OLD POST 2019
BAGGRY INDIA PRIVATE LIMITED
Bagrrys India has only 41 shareholders ( including our 1 folio ).
Baggrys India has converted itself in to a Private Limited Company
ITEM NO. 8-AGM ( Explanatory Statement )
Bagrrys India Limited is an Unlisted Public Limited Company having 41 (Forty One) Equity Shareholders as on date and fulfills all the pre-requisite criteria for conversion into a Private Limited Company, in terms of the provisions of the Companies Act, 2013. Your Board opine that in order to minimize the compliances and to serve the Members in a better way, the Company should be converted into a Private Company, subject to the approval of Members and Central Government. One of the major advantages of conversion of Public Limited Company into Private Limited Company is that the compliances are reduced to an extent; also many privileges and exemptions have been granted to a Private Company, under the Companies Act, 2013. The Board has accorded its consent for the conversion of Company into a Private Company at its Meeting held on 21st August, 2019, subject to the approval of Members at the ensuing Annual General Meeting of the Company and the Central Government. The Board hereby informs you that the approval of Members by way of Special Resolution is required for conversion of Public Limited Company into Private Limited Company, in terms of the provisions of the Companies Act, 2013. The Members are requested to note that the conversion is subject to the approval granted by the Central Government (Regional Director), Ministry of Corporate Affairs and such other regulatory authorities, as may be required. None of the other Directors, Key Managerial Personnel of the Company along with their relatives are in any way interested, financially or otherwise in the said Resolution
2017 scheme when Equity shares were converted into Preference shares
June 20, 2017
Baggry India is holding Court (NCLT ) convened Meeting of Shareholders on 24/06/2017 at Baddi ( Himachal Pradesh ) for reorganization .
Most Important for shareholders is Resolution XI on Page 3
xi. Re-organisation of part Share Capital of Bagrrys India Ltd by cancelling the Equity Shares held by all non-promoter/outside shareholders and to issue 8% non-cumulative compulsorily redeemable Preference Shares of `10 each at a premium of `114 (one hundred fourteen) per share.
( Please copy paste this and Please Go Through the Entire Notice - Seems Investor Unfriendly and shgould be opposed in E Voting / Court Meeting )
It is strongly Recommended that Shareholders retain their Equity shares by writing ( by Registered Post / Speed Post ) to the Company in this regard under this provision
i v It is clarified that an outside/non-promoter shareholder is entitled to retain his/her/its equity shareholding in the Transferee Company by giving a notice of such intention to the Transferee Company any time up to the record date to be fixed for such purpose. In all the cases where the Transferee Company receives intimation from the non-promoter Shareholders to retain their equity shareholding in the Transferee Company, equity shares with respect to all such shareholders will not be cancelled and will not be replaced with 8% non-cumulative compulsorily redeemable Preference Shares
( Please copy paste this )
Other Explanatory Statements
The following are some of the specific advantages of the proposed Re-organisation of Share Capital of the Transferee Company:
i. The Transferee Company has some outside/non-promoter shareholders. Since the Transferee Company is an un-listed company, there is no mechanism/platform available to these Shareholders to sell/dispose-off these shares, if they so wish.
ii. In order to provide an exit opportunity to all the outside/non-promoter shareholders, it is proposed to re-organise the share capital of the Transferee Company, on voluntary basis, by cancelling the Equity Shares held by all the outside/non-promoter shareholders; and to issue 8% non-cumulative compulsorily redeemable Preference Shares of `10 each at a premium of `114 (one hundred fourteen) per share.
iii. The proposed re-organisation will provide a permanent liquidity option for illiquid shares of the Company. It will help the non-promoter shareholders in realising the true potential of their investments in the Transferee Company which can be gainfully deployed elsewhere.
General Warning : Investment in Shares Can be Injurious to Your Wealth
Disclosure : We have family holdings in Baggry India Private Ltd , so please make suitable 'provisions ' for likely over optimism.
Disclaimer : All comments / facts stated purely in good faith to further the interests of fellow public investors. Please recheck every fact.
NO responsibility with this blog / writer