Nahar Investments and Holding announced declared that the company’s board of directors, at its meeting held on May 16, sanctioned the plan to set up a construction facility for manufacture of bi-axially oriented polypropylene film (BOPP FILM) project.

Accordingly they have also proposed that the Object Clause of the Memorandum of Association be changed pursuant to Section 17 read with section 192A of the Companies Act, 1956.

Besides the establishment, the directors have also decided to change the company's name from 'Nahar Investments and Holding Ltd' To 'Nahar Poly Films Ltd' subject to the approval of the shareholders under Section 21 of the Companies Act, 1956.

In order to obtain the approval of the shareholders, the board has decided to call the extra ordinary general meeting of the members on June 11, 2008.

Shares of the company, on Friday (May 16), gained 1.8% to settle at Rs 1,441.5 on the Bombay Stock Exchange (BSE). The total volume of shares traded was 4,311.