PSL has informed that the board of directors of the company at its meeting held on September 21, 2012, has considered and accorded its approval for initiating the process of forfeiture of the shares on which the allotment money has still not been paid.
Further, the board considered and accorded its in-principle approval to raise capital up to Rs. 75 Crores by way of issuance of fresh securities through Rights issue / warrants / in any other way. The board has also constituted a committee and empowered it to take all the relevant decisions regarding various modalities including but not Iimited to fixing the record date, the ratio of securities to be issued, the pricing of those securities, appointment of various intermediaries and other advisors for the rights issue etc.
The above information is a part of company's filings submitted to BSE.
