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Moving Picture - Outcome Of Board Meeting


Moving Picture Company India Ltd has informed that the Board of Directors of the Company at its adjourned meeting held on February 18, 2008, inter alia, has decided the following:

1. Issue of 2,50,000 shares on preferential basis to Mr. Dinesh Bansal for consideration other than cash as per SEBI Guidelines in this regard.

- The Company has signed a Memorandum of Understanding (MOU) with M/s. Movie Makers International (MMI) a proprietary firm of Mr. Dinesh Bansal.

- As per the said MOU, inter-alia, MMI will enter into a joint venture with the Company to produce 3 fiction serials.

- The preferential issue is being made against a value consideration of Rs 1.12 Crore weighted Average for one serial as per the Valuation Report received from an independent qualified valuer as specified in clause 13.5.1 (c) of chapter XIII Guidelines for Preferential Issues of SEBI (Disclosure & Investor Protection) Guidelines, 2000.

- As and when the 2nd and 3rd serials are also allocated to the Joint Venture, Company will propose to issue 2,50,000 (Two Lakh Fifty Thousand) equity shares of the Company as valued consideration for each serial as per SEBI Guidelines.

2. Convening an Extra Ordinary General Meeting of shareholders on March 15, 2008 for the above mentioned purpose.

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