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| Exchange Disseminated Time | Sona Koyo Steering Systems Ltd has informed BSE that the members at the 26th Annual General Meeting (AGM) of the Company held on July 27, 2010, inter alia, have accorded the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2010 and the Profit & Loss Account for the year ended March 31, 2010 together with the Directors Report & the Auditor Report thereon.
2. Declaration of dividend at the rate of 30% of the equity share capital of the Company for the year ended March 31, 2010.
3. Re-appointment of Mr. P. C. Chadha, Mr. Ramesh Suri, & Lt. Gen (Rtd.) Shamsher Singh Mehta, 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. Appointment of Mr. Kazyhiko Ayabe as Director of the Company, liable to retire by rotation.
6. Revision in the remuneration payable to Mr. Sunjay Kapur, Managing Director of the company with effect from May 01, 2010 for the remaining period of his appointment i.e. up to October 21, 2011 on the remuneration, terms and conditions.
7. 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 situate, present and future, of every nature and kind whatsoever and / or the whole of the undertaking of the company in favour of State bank of India, Yes bank, Tata capital limited and Standard chartered bank to secure as and by way of first charge
(1) State bank of India of its corporate loan of Rs. 400 million.
as and by way of second charge
1. State bank of India of its corporate loan of Rs. 400 million;
2. Yes bank of its pre-shipment credit facility of Rs. 100 million.
3. Tata capital limited for its term loan of Rs. 100 million; and
4. Standard chartered bank of its term loan 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 state bank of India, yes bank, Tata capital limited and standard chartered bank 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. |
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