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

Title of Article Article Number and contents
bonuses from time to time declared in respect of such Shares/ Debentures;
Unless otherwise agreed the registration of a transfer of Shares/ Debentures shall
operate as a waiver of the Company’s lien if any, on such Shares/Debentures. The
Directors may at any time declare any Shares/ Debentures wholly or in part
As to enforcing
lien by sale
Application of
proceeds of sale
FORFEITURE OF SHARES
exempt from the provisions of this Article.
54.
The Company may sell, in such manner as the Board thinks fit, any Shares on
which the Company has lien for the purpose of enforcing the same PROVIDED
THAT no sale shall be made:-
(a) Unless a sum in respect of which the lien exists is presently payable; or
(b) Until the expiration of fourteen days after a notice in writing stating and
demanding payment of such part of the amount in respect of which the lien
exists as is /presently payable has been given to the registered holder for the
time being of the Share or the person entitled thereto by reason of his death
or insolvency.
For the purpose of such sale the Board may cause to be issued a duplicate
certificate in respect of such Shares and may authorise one of their members
to execute a transfer there from behalf of and in the name of such Members
(c) The purchaser shall not be bound to see the application of the purchase
money, nor shall his title to the Shares be affected by any irregularity, or
invalidity in the proceedings in reference to the sale.
55.
(a) The net proceeds of any such sale shall be received by the Company and
applied in or towards satisfaction of such part of the amount in respect of
which the lien exists as is presently payable, and
(b) The residue if any, after adjusting costs and expenses if any incurred shall
be paid to the person entitled to the Shares at the date of the sale (subject to
a like lien for sums not presently payable as existed on the Shares before the
sale).
Title of Article Article Number and contents
If money payable
on Shares not paid
notice to be given
Sum payable on
allotment to be
deemed a call
Form of notice
56.
If any Member fails to pay the whole or any part of any call or any instalments of a
call on or before the day appointed for the payment of the same or any such
extension thereof, the Board of Directors may, at any time thereafter, during
such time as the call for installment remains unpaid, give notice to him
requiring him to pay the same together with any interest that may have
accrued and all expenses that may have been incurred by the Company by reason
of such non-payment.
57.
For the purposes of the provisions of these Articles relating to forfeiture of
Shares, the sum payable upon allotment in respect of a share shall be deemed to be
a call payable upon such Share on the day of allotment.
58.
The notice shall name a day, (not being less than fourteen daysform the day
of the notice) and a place or places on and at which such call in installment and
such interest thereon at such rate not exceeding eighteen percent per annum as
the Directors may determine and expenses as aforesaid are to be paid. The notice
shall also state that in the event of the non-payment at or before the time and
at the place appointed, Shares in respect of which the call was made or
installment is payable will be liable to be forfeited.
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