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| Exchange Disseminated Time | Gujarat Narmada Valley Fertilizers Company Ltd has informed BSE that the members at the 34th Annual General Meeting (AGM) of the Company held on September 24, 2010, inter alia, have accorded to the following :
1. Adoption of the Audited Balance Sheet as at March 31, 2010 and the Profit and Loss Account for the financial year ended on that date together with the Directors' Report and the Auditors' Report thereon.
2. Declaration of dividend at the rate of Rs. 3.25 per share i.e. @ 32.5% on 15,54,18,783 fully paid equity shares of Rs. 10/- each for the financial year ended on March 31, 2010, out of the current profits of the Company.
3. Re-appointment of Shri Pankaj Kumar, IAS & Dr. TT Ram Mohan, as Directors of the Company, liable to retire by rotation.
4. Re-appointment of M/s. RS Patel & Co., Chartered Accountants, Ahmedabad, as Auditors of the Company to hold office from the conclusion of this Meeting until the conclusion of the next Annual General Meeting of the Company, on such remuneration as may be determined by the Board of Directors of the Company, based on the recommendation of the Audit Committee and reasonable out-of-pocket expenses actually incurred by them in connection with the audit of the Accounts of the Company for the year ending March 31, 2011."
5. Accorded consent for appointment of Shri HV Patel, IAS as Managing Director of the Company for a period commencing from July 15, 2010 until his services are withdrawn from the Company by the Government of Gujarat, so however, his period of office shall not exceed five years from the date of his appointment.
6. Accorded consent to the Board of Directors of the Company to borrow from time to time, all such sums of money as they may deem requisite, necessary or expedient, for the purpose of the business of the Company, upon such terms and conditions and with or without security, as the Board of Directors may in its absolute discretion think fit, notwithstanding that the money or monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company's bankers in the ordinary course of business) would 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, however, that the total amount up to which monies may be borrowed by the Board of Directors shall not exceed the sum of Rs. 4,000 Crores (Rupees Four Thousand Crores only) outstanding at any point of time.
7. Accorded consent to the mortgaging and/or charging by the Board of Directors of the Company of all or any of the immovable and movable properties of the Company, wheresoever situate, both present and future, and the whole or substantially the whole of the undertaking of the Company with or without conferring the power to enter upon and to take possession of assets of the Company and/or to take over the management of the business and undertaking of the Company, in certain events, to secure a loan or loans and/or deposits and/or credit facilities and/or deferred payment facilities and/or guarantees for securing any loans or deferred payment facilities and/or debentures or bonds and/or any other form of borrowing, in any currency or currencies, for amounts not exceeding in the aggregate Rs. 4,000 Crores remaining outstanding at any point of time and interest and all other monies payable in connection therewith, to be obtained from or to be issued to financial institutions and/or banks and/or other parties, by the Company. |
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