Wintac Limited informed the BSE that its extraordinary general meeting of the shareholders was held to consider increase in authorised share capital of the company from Rs.10 crore to Rs.15 crore. The company was also considering issue and allotment of Rs.40,00,000 equity shares of Rs.10 each at a price of Rs.100 per share to Gavis Pharma LLC, USA subject to the approval of statutory authorities like the Foreign Investment Promotion Board (FIPB) etc.

The shareholders at the meeting held on December 20,2012 approved the first resolution unanimously. The second resolution was approved by requisite majority. However, the allotment of shares were subject to approval of the government of India’s Foreign Investment Promotion Board which is still awaited. The allotment of shares will be considered by the Board of Directors after the receipt of the said FIPB approvals, stated the company release on BSE.

Further, one of the share holder’s Synergia Consultants Private Limited represented by Tobby Simon had filed a petition before the Company Law Board Chennai Bench asking for stay of the Extra Ordinary General Meeting and allotment of shares to Gavis Pharma.

The Company Law Board has not stayed the EGOM and allowed the passing of the resolutions. It further stated that for considering the issue and allotment of Rs.40,00,000 equity shares of Rs.10 each at a price of Rs.100 per share to Gavis Pharma shall not be given till January 7, 2013.

The company release stated that although the resolutions have been passed by the shareholders in the meeting held on December 20,2012, the same would be kept in abeyance and not be given effect till January 7,2013.