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| Exchange Disseminated Time | MM Forgings Ltd has informed BSE that the members at the 61st Annual General Meeting (AGM) of the Company held on August 27, 2007, inter alia, have accorded to the following:
1. Adoption of the Balance Sheet of the Company as at March 31, 2007 and Profit & Loss Account for the year ended as on that date, Reports of the Auditors on the accounts and the Reports of the Board of Directors attached to the Balance Sheet.
2. Declaration of Dividend at the rate of Rs 3/- per share on equity shares of the Company for the year ended March 31, 2007.
3. Re-appointment of Shri. V Vaidyanathan & Shri. K Ventatramanan as Directors of the Company.
4. Re-appointment of M/s. G Ramesh Kumar & Co., Chartered Accountants, as Auditors of the Company from the conclusion of this Annual General Meeting of the Company until the conclusion of next Annual General Meeting of the Company, on remuneration, terms and conditions.
5. The company enhances the present limit of donation to be made to Charitable and other causes not directly relating to the business of the Company or welfare of its employees, from Rs 40,00,000/- to Rs 1,00,00,000/- in any financial year, effective from 2007-08 and that the Board of Directors of the company are hereby authorised to contribute and subscribe on behalf of the Company.
6. Authority to the Board to borrow any sum or sums of money from time to time not withstanding that the money or moneys, to be borrowed, together with the money already borrowed by the Company (apart from the temporary loans obtained from the Company’s bankers in the ordinary course of business) may exceed the aggregate paid-up Capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided however, the total amount so borrowed shall not exceed Rs 200 Crores (Rupees Two Hundred Crores only) over and above the paid-up capital and free reserves of the Company, subject to necessary provisions & approvals.
7. Revision of remuneration payable to Shri. Vidyashankar Krishnan on terms & conditions.
8. Revision of remuneration of Shri. K Venkatramanan, on terms & conditions.
9. The following new Articles 9(d), 9(e) be inserted after Article 9 (c) and Article 10 (c) inserted after Article 10 (b) respectively of the Articles of Association of the Company. |
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