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Outcome of board meeting of Alka Securities

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Held on 18 April 2017

The Board of Directors of at its meeting held on 18 April 2017 approved the following -

The Board has approved the resignation of Kaushik Shah from the Board of Directors.

The Board has approved the resignation of Ajay Patil from the Board of Directors.

The Board has read and understood the letter from the Exchange and understands the consequences of the same and hereby had unanimously decided to shutter all broking related operations and continue to pursue new and upcoming business through its existing subsidiaries and by creating and acquiring new businesses in the future.

The Board has approved an application for the change of name of the Company along with a change in the main object of the company to better suit the course of action as decided above and will present the matter before the shareholders at the annual general meeting later this year.

The Board recognises the facts laid out in the letter of the National Stock Exchange stating that the company has no funds to pursue any of these objects as on date. The Board has therefore decided to offer preference shares to qualified and informed investors to raise fresh capital to pursue the intended course of action. The Board will put the necessary matter before the shareholders for approval.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 19 2017. 16:55 IST