Indiabulls Financial - Result of Postal Ballot

Indiabulls Financial Services Ltd has informed that the Shareholders of the Company have passed the following Resolutions with requisite majority, by means of Postal Ballot (the results whereof have been announced by the Board-appointed Scrutinizer on March 06, 2008):

• Authorization under Section 81(1A) to issue shares by international offering through an issue of GDRs / ADRs / FCCBs / Equity Shares through Depository Receipt Mechanism / any other Financial Instrument including Compulsorily Convertible Preference Shares, for a value up to US Dollars equivalent to INR 4,000 crores, in one or more tranches.
• Authorization under Section 81 (1A) to issue Equity Shares / Fully Convertible Debentures / Partly Convertible Debentures / Optionally Convertible Debentures or any other securities other than warrants convertible into or exchangeable with Equity Shares of the Company, or other specified securities, within the meaning of Chapter XIII A of SEBI (Disclosure and Investor Protection) Guidelines, 2000 for Qualified Institutional Placement, for a value up to US Dollars equivalent to INR 4,000 crores, to Qualified Institutional Buyers.
• Authorization under Section 81 (1A) to issue Equity Shares / Fully / Partly / Optionally Convertible Debentures/ Debentures with right to subscribe to Equity Shares / Convertible / Non Convertible Preference Shares / Bonds / Non Convertible Debentures with or without detachable warrants, in the course of domestic offering(s) for a value of up to Rs 4000 crores, in one or more tranches.
• Alteration in the Main Objects clause of the Memorandum of Association of the Company authorizing it to undertake business of insurance intermediation and the corporate insurance agency business in life and general insurance sectors.
• Alteration of the Articles of Association of the Company so as to incorporate therein the relevant provisions to facilitate the appointment of Chairman and / or Vice Chairman of the Company.
• Authorizing the enhancement in the borrowing powers of the Company in excess of its paid up capital and free reserves, from the previous limit of Rs 2,500 crores to Rs 35,000 crores, pursuant to Section 293(1)(d) of the Companies Act, 1956.
• Authorizing the adoption of the Employee Stock Option Schemes (ESOP Schemes) of Indiabulls Credit Services Ltd (ICSL) by the Company, consequent to the amalgamation of ICSL with the Company, pursuant to Clause 15(c)(i) of the Court approved Scheme of Arrangement between ICSL, the Company and Indiabulls Securities Ltd (ISL) and their respective shareholders and creditors.
• Authorizing the launching of Employee Stock Option Schemes in the Company consequent to the adoption of ESOP Schemes of ICSL, so as to offer stock options to the employees under the Schemes so adopted.
• Increase in the Authorised Capital of the Company from Rs 1243,47,50,000/- to Rs 1543,47,50,000 and the consequent amendment in Clause V of the Memorandum of Association of the Company.