Board Meeting Highlights
California Software Company Limited (CALSOFT) convened its Board of Directors meeting on 27 May 2026 to address several capital restructuring matters. The meeting, held pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, resulted in key approvals affecting the company's preference share capital and outstanding equity obligations.
OCRPS Redemption Approved
The board sanctioned the redemption of 4,18,700 Obligatory 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 company will make payment towards the redemption amount, following which the redeemed preference shares will be cancelled.
This redemption reduces the company's preference share liability and streamlines its capital structure. The cancellation of redeemed OCRPS reflects the completed lifecycle of these instruments as per the terms of their issuance.
Rights Issue Call Money Extension
In a separate decision, the board approved a one-month extension for payment of the First and Final Call Money in respect of partly paid-up equity shares issued pursuant to the Rights Issue. This extension provides additional time to shareholders who have yet to fulfil their payment obligations for these shares.
The board also granted approval for forfeiture of partly paid-up equity shares in the event of non-payment of call money within the extended period. Such forfeiture will be carried out in accordance with applicable laws and the terms specified at the time of the rights issue. This measure ensures the company can reclaim and deal with unpaid shares appropriately, protecting shareholder interests and maintaining fair market practices.
Administrative Authorizations
To facilitate the execution of these decisions, the board authorized Directors and Officers of the company to complete all necessary acts, deeds, and regulatory filings associated with the OCRPS redemption, share cancellation, call money extension, and potential forfeiture actions.
These corporate actions demonstrate CALSOFT's continued efforts to manage its capital base efficiently while maintaining compliance with SEBI regulatory requirements. Shareholders holding partly paid-up equity shares from the rights issue should ensure timely payment within the newly extended deadline to avoid potential forfeiture.
Disclaimer: This article is for informational purposes only and should not be construed as financial or investment advice. Investors are advised to review official company filings and consult qualified financial advisors before making investment decisions.