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| Exchange Disseminated Time | Sona Koyo Steering Systems Ltd has informed BSE that the members at the 23rd Annual General Meeting (AGM) of the Company held on July 18, 2007, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2007 and the Profit & Loss Account for the year ended March 31, 2007 together with the Directors Report & the Auditor Report thereon.
2. Declaration of dividend at the rate of 35% of the equity share capital of the Company for the year ended March 31, 2007.
3. Re-appointment of Mr. Sunjay Kapur, Mr. Tomizo Nakaya & Mr. B L Passi, as Directors of the Company.
4. Re-appointment of M/s. S P Puri & Co., Chartered Accountants, as Auditors of the Company to hold office till the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
5. Authority to the Board to commence all or any of the Activities covered by Sub-Clause 40 of the Clause III (C) of the Memorandum of Associating of the Company.
6. Re-appointment of Dr. Suriner Kapur as Chairman & Managing Director of the Company for a further period of five years with effect from September 28, 2007, on remuneration, terms & conditions.
7. Authority to the Board to mortgaging and / or charging by the Board of Directors of the Company of all or any part of immovable and movable properties of the Company, wheresoever situated, present & future, of every nature and kind whatsoever and / or the Whole of the undertaking of the Company in favour of the Citibank N.A (CB) and the Hongkong and Shangai Banking Corporation (HSBC) Ltd to secure:
As and by way of second charge
a. Citibank N.A. for its additional working capital facilities to the tune of Rs 60 million.
b. The Hongkong and Shangai Banking Corporation Ltd for its import facility to the tune of Rs 100 million.
together with the interest thereon at the respective agreed rates, compound interest, additional interest, liquidated damages, commitment charges, premia on prepayment or on redemption, cost, charges, expenses and other monies payable by the Company to CB and HSBC under the respective heads of Agreement / Loan Agreement / Subscription Agreement / Credit Facility Agreement / Letter of Sanction / Memorandum of terms and conditions, entered into / to be entered into by the Company in respect of the said facilities.
8. Authority to the Board of Directors to borrow from time to time, monies for the purposes of the Company, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from the temporary loans obtained from the Company's Bankers in the ordinary course op business) will exceed the aggregate of the paid up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided that the total amount of the monies borrowed excluding interest at any time shall not exceed Rs 300 crores. |
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