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The Committee of Independent Directors of Banganga Paper Industries has considered a proposal for a preferential allotment of 10,06,29,680 Equity Shares and 2,20,00,000 Convertible Warrants. These allotments are intended for proposed allottees who are currently non-promoters but will be reclassified as promoters, leading to a change in company control. The committee assessed the issue price of Rs. 1.45/- per share, noting it includes a control premium. They concluded that both the issue price and the proposed preferential allotment are fair and reasonable.