sejal architectural glass limited - Securities and Exchange Board of ...

Title of Article Article Number and contents
provisions of these Articles as to payment of interest and expenses forfeiture
and like and all the other relevant provisions of the Articles shall apply as if
such instalments were a call duly made notified as hereby provided.
The Board may
issue Shares as
fully paid-up
Deposit and call
etc., to be debt
payable
Liability of
Members
Dematerialisation
of securities
Options to receive
security
certificates or
hold securities
with depository
Securities in
depositories to
be in fungible
form
Rights of
depositories and
beneficial owners
21.
Subject to the provisions of the Act and these Articles, the Board may allot and
issue Shares in the Capital of the Company as payment for any property
purchased or acquired or for services rendered to the Company in the conduct of
its business or in satisfaction of any other lawful consideration. Shares which
may be so issued may be issued as fully paid-up or partly paid up Shares.
23.
The money, if any which the Board of Directors shall on the allotment of any
Shares being made by them, require or direct to be paid by way of deposit, call or
otherwise, in respect of any Shares allotted by them
shall immediately on the inscription of the name of the allottee in the Register of
Members as the holder of such Shares, become a debt due to and recoverable
by the Company from the allottee thereof, and shall be paid by him accordingly.
24.
Every Member, or his heirs, executors or administrators to the extent of his
assets which come to their hands, shall be liable to pay to the Company the portion
of the capital represented by his Share which may, for the time being, remain unpaid
thereon in such amounts at such time or times and in such manner as the Board of
Directors shall, from time to time, in accordance with the Company's
requirements require or fix for the payment thereof.
25.(B)
Either on the Company or on the investor exercising an option to hold his securities
with a depository in a dematerialised form, the Company shall enter into an
agreement with the depository to enable the investor to dematerialise the
Securities, in which event the rights and obligations of the parties concerned shall be
governed by the Depositories Act.
25.(C)
Every person subscribing to securities offered by the Company shall have the option
to receive the Security certificates or hold securities with a depository.
Where a person opts to hold a Security with a depository, the Company shall intimate
such depository the details of allotment of the Security, and on receipt of such
information the depository shall enter in its record the name of the allotted as the
Beneficial Owner of that Security.
25.(D)
All Securities held by a Depository shall be dematerialised and shall be in a fungible
form; nothing contained in Sections 153, 153A, 153B, 187B, 187C and 372 of the Act
shall apply to a Depository in respect of the Securities held by it on behalf of the
Beneficial Owners.
25.(E)
(1) Notwithstanding anything to the contrary contained in the Articles, a Depository
shall be deemed to be a registered owner for the purposes of
effecting transfer of ownership of Security on behalf of the Beneficial Owner;
(2) Save as otherwise provided in (1) above, the Depository as a registered owner
shall not have any voting rights or any other rights in respect of Securities held by it;
(3) Every person holding equity share capital of the Company and whose name is
entered as Beneficial Owner in the Records of the Depository shall be deemed to be
a Member of the Company. The Beneficial Owner shall be entitled to all the rights
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