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Existing Articles
Proposed / Amended Articles
Article 48 : Issue of new shares to existing
members
Subject to any direction to the contrary that
may be given by the Company in general
meeting, all new shares or other convertible
Securities for the time being unissued and
not allotted and any new shares from time
to time to be created shall, before they are
issued, be offered to such persons as at
the date of the offer are entitled to receive
notices from the Company of general
meetings in proportion, as nearly as the
circumstances admit, to the amount of
the existing Shares or Securities to which
they are entitled. The offer shall be made
by notice specifying the number of Shares
or Securities offered, and limiting a time
within which the offer, if not accepted, will
be deemed to be declined, and, after the
expiration of that time, or on the receipt of
an intimation from the person to whom the
offer is made that he declines to accept the
Shares or Securities offered, the Directors
may dispose of those Shares or Securities in
such manner as they think most beneficial
to the Company. The Directors may likewise
also dispose of any new Shares or Securities
which (by reason of the ratio which the
new Shares or Securities bear to Shares
or Securities held by persons entitled to an
offer of new Shares or Securities) cannot,
in the opinion of the Directors, be
conveniently offered under this Article.
Article 48 : Issue of new shares to existing
members
Subject to any direction to the contrary that
may be given by the Company in general
meeting, all new shares or other convertible
Securities for the time being unissued and
not allotted and any new shares from time
to time to be created shall, before they are
issued, be offered to such persons as at
the date of the offer are entitled to receive
notices from the Company of general
meetings in proportion, as nearly as the
circumstances admit, to the amount of
the existing Shares or Securities to which
they are entitled. The offer shall be made
by notice specifying the number of Shares
or Securities offered, and limiting a time
within which the offer, if not accepted, will
be deemed to be declined, and, after the
expiration of that time, or on the receipt of
an intimation from the person to whom the
offer is made that he declines to accept the
Shares or Securities offered, the Directors
may dispose of those Shares or Securities in
such manner as they think most beneficial
to the Company. The Directors may likewise
also dispose of any new Shares or Securities
which (by reason of the ratio which the
new Shares or Securities bear to Shares
or Securities held by persons entitled to an
offer of new Shares or Securities) cannot,
in the opinion of the Directors, be
conveniently offered under this Article.
Article 58 : Right to appoint proxy
In every notice calling a meeting of the
Company, there shall appear with reasonable
prominence a statement that a member
entitled to attend and vote is entitled to
appoint a proxy to attend and vote instead
of him. A proxy need not also be a member
of the Company and the provision of Section
149(1)(b) of the Act shall not apply to the
Company.
Article 58 : Right to appoint proxy
In every notice calling a meeting of the
Company, there shall appear with reasonable
prominence a statement that a member
entitled to attend and vote is entitled to
appoint a proxy to attend and vote instead
of him. A proxy need not also be a member
of the Company and the provision of Section
149(1)(b) of the Act shall not apply to the
Company.
There shall be no restriction as
to the qualification of the proxy.