Board Meeting Outcomes
California Software Company Limited (CALSOFT) convened its Board of Directors on 27 May 2026, approving several key corporate actions under SEBI (LODR) Regulations, 2015. The meeting addressed outstanding obligations related to optionally convertible redeemable preference shares and the ongoing rights issue process.
OCRPS Redemption Details
The board sanctioned the redemption of 4,18,700 OCRPS held by Chemoil Advanced MGMT Services Private Limited. The aggregate redemption value stands at ₹4,18,70,000. Upon completion of required formalities, the company will process the payment and proceed with cancellation of these preference shares.
This redemption reduces CALSOFT's preference share liability and simplifies its capital structure going forward.
Rights Issue Call Money Extension
In a separate but related development, the board approved a one-month extension for payment of the First and Final Call Money concerning partly paid-up equity shares issued through the Rights Issue. Shareholders who have not yet remitted the call amount now have additional time to complete their payments.
Should shareholders fail to meet the extended deadline, CALSOFT has reserved the right to forfeit the partly paid-up equity shares. This forfeiture will be executed in accordance with applicable laws and the original terms of issue.
Administrative Authorizations
To ensure smooth execution of these corporate actions, the board authorized Directors and Officers to undertake all necessary acts, deeds, and regulatory filings required to implement the approved decisions.
These actions reflect CALSOFT's ongoing efforts to regularize its capital structure and settle outstanding obligations to shareholders and preference share holders.
Summary of Board Approvals
- Redemption of 4,18,700 OCRPS held by Chemoil Advanced MGMT Services Private Limited
- Payment of ₹4,18,70,000 towards OCRPS redemption and subsequent cancellation
- One-month extension for First and Final Call Money payment under Rights Issue
- Forfeiture approval for non-payment of call money within extended period
Investors and shareholders are advised to monitor CALSOFT's official communications for further updates regarding payment deadlines and forfeiture procedures.
This article is for informational purposes only and should not be construed as financial advice. Investors are encouraged to conduct their own due diligence before making investment decisions.