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| Exchange Disseminated Time | Automotive Axles Ltd has informed BSE that the members at the 25th Annual General Meeting (AGM) of the Company held on January 12, 2007, inter alia, have accorded to the following:
1. Adoption of the Balance Sheet at the Company as at September 30, 2006 and Profit and Loss Account for the year ended on that date together with the Reports of the Directors & Auditors thereon.
2. Declaration of final dividend @ Rs 7.5 per share for the year ended September 30, 2006.
3. Appointment of Mr. Patrick McNamara, Mr. P C Bhalerao & Mr. B B Hattarki, as Directors of the Company, liable to retire by rotation.
4. Appointment of M/s. Deloitte Haskins and Sells, Chennai, as Auditors of the Company, to hold office from conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
5. Authority to the Board to borrow any sum or sums of money from time to time from any one or more of the Company's bankers and / or from any one or more persons, firms, bodies corporate or financial institutions or State / Central Governments, whether by way of cash credit, advance, deposits, loans or bills discounting, issue of debentures or otherwise and whether unsecured or secured by mortgage, charge, hypothecation or lien or pledge of the Company's assets and properties whether immovable or movable or stock-in-trade (including raw materials, stores, spare ports and components in stock or in transit) and work in progress and all or any at the undertaking(s) of the Company notwithstanding that the moneys to be borrowed together with moneys already borrowed by the Company (apart from temporary loans obtained from the Company's bankers in the ordinary course of business) will or may exceed the aggregate of paid-up capitol of the Company and its free reserves, that is to say reserves not set part for any specific purpose so that the total amount upto which the moneys may be borrowed by the Board of Directors and outstanding at any time shall not exceed the sum of Rs 1200,000,000 exclusive of interest and the Board of Directors is authorized to execute such debenture trust deed or mortgage, charge, hypothecation, lien, promissory notes, deposit receipts and other instruments or writings containing such conditions and convenience as the Board may think fit.
6. Appointment of Mr. Ashok Rao, President & Wholetime Director of the Company, for a period of five years, effective from July 25, 2006, on remuneration, terms & conditions.
7. Appointment of Mr. C K Sabareeshan, Executive Director (Finance) & Company Secretary of the Company for a period five years, effective from July 25, 2006, on remuneration, terms & conditions. |
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