| ||Clarification on Consolidation of share | 09/02/11 14:32|| |
| ||With reference to the earlier announcement dated August 30, 2011 regarding updates on consolidation of share, Filmcity Media Ltd has now informed BSE about Clarification on consolidation of shares as under :|
1. The Board has taken the decision of cancellation of the proposal for consolidation, the reason for consolidation was to reduce the cost of serving individual shareholder is very expensive, as there are many shareholders holding very less number of shares say between one to ten. But after introduction of green initiative by MCA, the Company explore the response from shareholders for receiving documents by e-mail. so that cost of serving individual shareholder is expected to be less, provided the share holders responds to the green initiative.
2. The postponement the decision of Consolidation of Shares" is the same as Cancellation of the Consolidation of Shares as proposed in the Board Meeting dated May 30, 2011.
3. The cancellation of Consolidation of Shares was decided by way of circular resolution dated August 30, 2011.