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