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| Exchange Disseminated Time | House of Pearl Fashions Ltd has informed BSE that the members at the 18th Annual General Meeting (AGM) of the Company held on August 27, 2007, inter alia, have accorded the following:
1. Adoption of the Audited Annual Accounts of the Company for the Accounting Year ended March 31, 2007 and the Reports of the Directors and Auditors thereon.
2. Re-appointment of Mr. Pallak Seth & Mr. Sanjay Pershad, as Directors of the Company.
3. Re-appointment of M/s. S R Dinodia & Co., Chartered Accountants, New Delhi, as Auditor of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of next Annual General Meeting of the Company, on remuneration terms & conditions.
4. Appointment of Mr. Rajendra Kumar Aneja, Mr. Chittranjan Dua & Mr. Tom Tar Singh, as Directors of the Company, liable to retire by rotation.
5. Authority to the Board to loan of Rs 27.50 Crores made to Pearl Global Ltd, subsidiary Company of the Company, for a period of one year at an interest rate of 10.50% p.a., (interest payable on quarterly basis) to enable Pearl Global Ltd., to repay its high interest bearing working capital loan availed from Centurion Bank of Punjab Ltd, Yes Bank and Chinatrust Commercial Bank, subject to necessary provisions & approvals.
6. Alteration in the sub-article 2 of the Article 88 of the Articles of Association of the Company by substituting the following sub-article-2:
Article 88
sub-article 2. Each Director may be paid out of funds of the Company by way of remuneration for his services a sum not exceeding such sum of money as may be decided by the Board from time to time subject to the limits as may be prescribed by the Central Government from time to time, for each meeting of the Board or of a Committee thereof which he will attend. |
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