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| Exchange Disseminated Time | Logix Microsystems Ltd has informed BSE that the members at the 13th Annual General Meeting (AGM) of the Company held on September 30, 2008, inter alia, have accorded to the following:
1. Adoption of the Balance Sheet as at March 31, 2008 and the Profit and Loss Account for the year ended on that date together with the Directors' Report and the Auditors' Report thereon.
2. Approved the interim dividend already declared and paid in respect of fully paid Equity Shares for the year ended 2007-2008.
3. Reappointment of the retiring Director Mr. Vijay Kumar D Gupta & Dr. Divendra Kumar Bhatia as Directors of the Company.
4. Appointment of Messrs Vasan & Sampath, Chartered Accountants, as Auditor of the Company for the next financial year to hold the office of the Auditors until the conclusion of the next Annual General Meeting and the Board of Directors be authorized to fix the remuneration in consultation with the Auditors.
5. Authority to the Board of Directors of the Company (hereinafter the tern shall include a committee of Directors duly authorised in this behalf) to invest as they may it their absolute discretion deem beneficial and in the interest of the Company by way of cash up to 1,50,000 US Dollars and Stocks in Equity Share Capital in the Company, either directly or through its Subsidiaries.
6. To issue and allot on preferential basis 125,000 (One Lath Twenty Five Thousand) fully paid Equity Shares of nominal value of Rs. 10/- (Rupees Ten Only) at a price of Rs. 320/- (Rupees Three Hundred Twenty Only) per share, which includes a premium of Rs. 310/- (Rupees Three Hundred Ten Only) to Add-on-Auto LLC, USA, towards stock swap to provide for the acquisition of 51% common stock and / or common stock equivalents of AOA Izmo LLC, USA, by Homestar Systems Inc, USA, a Subsidiary of the Company, as per the Membership Interest Purchase Agreement March 26, 2008, which shares shall be subject to lock-in provisions as per requirements, if any, of the Securities and Exchange Board of India.
7. The issued, subscribed and paid up Equity Share Capital as on March 31, 2008 of the Company of Rs. 12,25,35,730 (Rupees Twelve Crores, Twenty-Five Lakh, Thirty-Five Thousand, Seven hundred and thirty Only) consisting of 1,22,53,573 Equity Shares of Rs 10 each, fully paid, be reduced to Rs. 12,05,35,730 (Rupees Twelve Crores, Five Lakh, Thirty-five thousand, Seven hundred and thirty only) consisting of 1,20,53,573 Equity Shares of Rs. 10 each, fully paid, by reason of annulment of the 2,00,000 Equity Shares of Rs. 10 each, which were issued and allotted on September 29, 2007 on the basis that such annulment of allotment amounts to cancellation of Shares and consequent reduction of Share Capital, subject to necessary provisions and approvals.
8. Appointment of Ms. Kiran Soni, relative of Mr. Sanjay Soni and Mrs. Shashi Soni who are Directors of the Company as Corporate Analyst i.e. as an Executive in the management cadre of the Company on remuneration, terms and conditions, subject to necessary provisions and approvals. |
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