Date:21/01/2005 URL: http://www.thehindubusinessline.com/2005/01/21/stories/2005012102310200.htm

Back Devaki Hospital EGM postponed to Feb 11

Our Bureau

Chennai , Jan. 20

AN extraordinary general meeting of shareholders of Devaki Hospital Ltd was postponed on Thursday following a stay granted by the Madras High Court against the conduct of the meeting.

The stay was granted on an application filed by Dr K. Chockalingam, who formerly had controlling interest in the hospital. A notification from Devaki Hospitals to the Bombay Stock Exchange says that the EGM now stands postponed to February 11.

The EGM was convened to get shareholders' approval for allotting shares to two private equity investor groups on a preferential basis. The proposal is to allot them 24 lakh equity shares so that they each get about 14 per cent stake in the company.

The consequent inflow of funds - around Rs 3 crore - was to be utilised to bring the hospital back into the black.