Ess Dee Aluminium becomes major shareholder of India Foils

India Foils Ltd has announced that in terms of rehabilitation Scheme ("Scheme") sanctioned by the Hon'ble BIFR dated August 18, 2008, the Board of Directors of the Company at its meeting held on November 19, 2008, inter alia, has altered its Authorized Equity Share Capital by splitting the unissued equity shares of Rs 10/- each into equity shares of Re 1/- each. Pursuant to Scheme mentioned herein above the Board has issued and allotted the following equity and equity linked instruments. 136000000 equity shares of face value Rs 1/- each fully paid up to Ess Dee Aluminium Ltd and 1250000, 0.01% optionally convertible redeemable non-cumulative preference shares of face value Rs 100/- each fully paid up to Sterlite Industries (India) Ltd, an affiliate of Madras Aluminium Company Ltd. Further the Board has also issued and allotted 13953423, 0.01% redeemable non-cumulative non-convertible preference shares of face value Rs l00/- each fully paid up and 9628115, 0.01% redeemable non-cumulative non-convertible preference shares of face value Rs 100/- each fully paid up to Sterlite Industries (India) Ltd and Ess Dee Aluminium Ltd respectively. With the issue of above shares, Ess Dee Aluminium Ltd has become the majority stakeholder in the Company and therby the Company has became the subsidiary of Ess Dee Aluminium Ltd. The Board has appointed following person as Additional Directors of the Company. Mr. Sudip Dutta Mr. Soumitra Barari Mr. Goutam Mukherjee Mr. Madan Mohan Jain The Board has accepted the resignation from the following directors of the Company. Mr. R Kanna - Independent Director Mr. Deb Bandhyopadhyay - Independent Director Mr. Sandeep Agrawal - Executive Director & CEO The Board has also noted the resignation of Mr. Chiradeep Guha, Manager under the Companies Act, 1956. Source: Equity Bulls