Mumbai, March 6 :     The minority shareholders of United Phosphorus (UPL) are peeved at the way the promoters plan to sneak in a resolution to waive the balance sum of Rs 21.60 crore owed by them and their associates for 18 lakh warrants subscribed in a preferential offer in 1994. The company plans to obtain shareholders? approval at a specially convened meeting on March 16. The meeting will seek shareholders? consent to allot nine lakh shares of Rs 10 each at a premium of Rs 70 per equity share by apportioning application money of Rs 7.20 crore. The company has called the meeting after it received letters from the warrant holders, regretting their inability to pay the balance amount of Rs 120 per warrant. The holders requested the company to treat the application money paid as full money received towards lesser number of equity shares. A section of the shareholders, opposed to the proposal, fears that the resolution would be passed without a hitch since the meeting is to be held in Vapi, Gujarat. This would ensure very few small shareholders attend the meeting., ?The entire amount of Rs 7.2 crore should be forfeited if the promoters cannot pay the balance amount,? a minority shareholder said. What is significant about the present resolution is that the earlier one passed in 1994 had stipulated that the warrant holders could apply for one equity share against the payment of Rs 160 per warrant. In 1994 , when the warrants were mooted, the high/low of United Phosphorus scrip was Rs 1475/750. The share price was today quoted at Rs 112 on the BSE. The shareholders, in an extra-ordinary general meeting held on 3 January 1994, had passed the resolution to issue 18 lakh warrants to the promoters and their associates. The warrant holders were entitled to apply for equity shares on payment of an amount to be determined by the board, but it could not be less than Rs 150 per warrant. Armed with the resolution, the board of directors had allotted 18 lakh warrants to the promoters, associates and constituents in their group. The warrant holders were entitled to apply for one equity share against payment of Rs 160 per warrant. After the issue of bonus shares in the ratio of one equity share for every equity share held, the warrant holders were entitled to apply for two shares for each warrant. In 1995, the company issued bonus shares in the ratio of 1:1, which resulted in warrant holders being entitled to apply for two shares for each warrant.