Board Meeting Outcomes for CALSOFT
California Software Company Limited (BSE: CALSOFT) convened its Board of Directors meeting on May 27, 2026, deliberating and approving a set of corporate actions aligned with regulatory requirements under SEBI (LODR) Regulations, 2015. The decisions primarily address preference share redemption and ongoing obligations related to the company's previously announced rights issue.
OCRPS Redemption Approved
The Board authorized the redemption of 4,18,700 Optionally Convertible Redeemable Preference Shares (OCRPS) held by Chemoil Advanced MGMT Services Private Limited. The aggregate redemption value stands at ₹4,18,70,000. Upon completion of requisite formalities, the redeemed OCRPS will be cancelled. The company has committed to disbursing the redemption amount to Chemoil Advanced MGMT Services in accordance with the terms of the preference shares.
Rights Issue Call Money Timeline Extended
In a separate yet connected development, the Board approved a one-month extension for the payment of the First and Final Call Money. This call relates to partly paid-up equity shares that were issued to shareholders as part of the company's Rights Issue. The extension provides additional breathing room for shareholders who may require more time to fulfill their payment obligations.
Shareholders are advised that failure to remit the call money within the extended period will result in forfeiture of their partly paid-up equity shares. This action will be carried out in accordance with applicable laws and the original terms of issue. The company emphasized that all necessary procedural requirements will be followed before any forfeiture is executed.
Administrative and Filings Authorization
To ensure smooth execution of the approved resolutions, the Board authorized Directors and Officers of the company to undertake all necessary acts, deeds, and regulatory filings required to give effect to these decisions. This includes documentation, compliance submissions, and coordination with relevant authorities as mandated under securities and company law.
Summary of Board Resolutions
- Redemption of 4,18,700 OCRPS held by Chemoil Advanced MGMT Services Private Limited worth ₹4,18,70,000
- Payment of redemption amount and subsequent cancellation of redeemed preference shares
- One-month extension for First and Final Call Money payment under the Rights Issue
- Forfeiture approval for non-payment of call money within the extended timeframe
- Authorization for Directors and Officers to complete all necessary formalities and filings
The disclosures have been made pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. Investors and shareholders are encouraged to review the official exchange filings for complete details and any subsequent updates regarding the timeline and execution of these corporate actions.
This article is for informational purposes only and does not constitute financial or investment advice. Readers are advised to conduct their own research or consult a qualified financial advisor before making any investment decisions.