Private Placement means the offer and issuance of shares to a select group of persons by a Company. The Procedure for issuance of shares on a Private Placement Basis is as follows: 1) Hold a Board Meeting: The first and the foremost step for issuing shares on a Private Placement Basis is to hold a Board Meeting for the following purposes: a) Approving the list of persons to whom the shares shall be issued on a Private Placement basis. b) To approve the offer letter for issuance of shares (Form PAS-4) c) Calling an Extra-Ordinary General Meeting ("EGM") for obtaining the consent of the shareholders for issuance of shares on a Private Placement Basis. 2) Call an Extra-Ordinary General Meeting ("EGM") to approve the resolution for the issuance of shares on a private placement basis as a special resolution and to approve the offer letter to be circulated for this purpose. 3) File the Form MGT-14 within 30 days of approval of the resolution by the shareholders of
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