NOTICE is hereby given that the 10th Annual General Meeting of the Company will be held on Thursday, the 25th September, 2008 at 11.30 A.M at Dream Valley, Srinagar, Gandipet, Hyderabad – 500 075 to transact the business set out in the Notice sent to the members individually.
Pursuant to Clause 16 of the Listing Agreement and Section 154 of the Companies Act, 1956, the Register of Members and Share Transfer Books of the Company shall remain closed from Tuesday, 23rd September, 2008 To Thursday, 25th September, 2008 (Both days inclusive).
Further the Annual Report for the Financial Year 2007 - 08 along with the Notice of the Annual General Meeting has been dispatched to the Members and the same is also at the web site Of the Company www.sol.net.in
The Meeting of Board of Directors of the Company is held on 30th June 2008 and approved the following:
1.
Approved the Audited Financial Results for the Financial Year ended 31st March 2008.
2.
Increase in Remuneration of Whole Time Directors with effect from 1st July,2008, subject to the approval of members in general meeting.
3.
Approved the scheme of Demerger. As per the scheme approved, the existing shareholders of Southern Online Bio Technologies Limited (SBTL), for every 100 equity shares held in the Company, would be allotted in the ratio of:
a)
77 (Seventy Seven) equity shares in Southern Online Bio Technologies Limited (Biodiesel Division) (Demerged Company) of Rs.10 each fully paid up, and
b).
23 (Twenty Three) equity shares in Southern Online Services Limited (ISP Division) (Resulting Company) of Rs. 10/-each fully paid up.
However, the scheme of demerger shall be subject to the approval of Bombay Stock Exchange Limited and the Hon'ble High Court of Andhra Pradesh.
4.
The matter pertaining to the raising of further capital through preferential issue of equity shares/convertible warrants has been deferred.
