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| Exchange Disseminated Time | Gangotri Textiles Ltd has informed BSE that the members at the 20th Annual General Meeting (AGM) of the Company held on September 25, 2009, inter alia, have accorded to the following:
1. Adoption of the Directors' Report, the Balance Sheet as March 31, 2009 and the Profit & Loss Account for the period ended March 31, 2009 and the Auditors Report thereon.
2. Appointment of M/s. Thakker & Sanghani, Chartered Accountants, Coimbatore the retiring Auditors of the Company as the Auditors of’ the Company to hold office as Auditors of’ the Company from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting on such remuneration, terms & conditions.
3. Appointment of Sri. A V Ravichandran & Sri. Ullas R Sanghvi as Directors of the Company, liable to retire by rotation.
4. Revision of remuneration to Sri. Mohanlal Tibrewal, as Executive Director of the Company for a period from October 01, 2009 to March 31, 2011, on remuneration terms & conditions.
5. Authorized to issue and allot:
a) 67,84,261 Equity Shares of Its 5/- each Rs 7.37 per share to the identified Lenders towards conversion of loan outstanding to the extent of Rs 5.00 crores.
b) 97,69,335 Equity Shares of Its 5/- each @ Rs 7.37 per share to the Promoter / Associates towards conversion of Un-secured loan to the extent of Rs 7.20 crores.
6. Amended that Clause (V) of the Memorandum of Association of the Company the Authorised Capital of the Company shall be Rs 122 crores ( Rupees one hundred twenty two crores only ) comprising of 6,00,00,000 Equity Shares of its 5/- each and 92,00,000, 6.5 % Redeemable Cumulative Preference Shares of Rs 100/- each with a right on the part of the Company to increase or decrease the Authorised Capital or to further amend or change the nominal value of each share.
7. Amended that Clause 3(a) of the Articles of Association of the Company be 3 a the Authorised Capital of the Company shall be Rs 122 crores (Rupees one hundred and twenty two crores only ) comprising of 6,00,00,000 Equity Shares of Its 5.00 each and 92,00 6.5 % Redeemable Cumulative Preference Shares of its 100 each with a right on the part of the Company to increase or decrease the Authorised Capital or to further amend or change the nominal value of each share.
8. To Authorized the Board of Directors to issue and allot 6.5 % Redeemable Cumulative Preference Shares for an aggregate sum of Rs 20.42 crores (Rupees twenty crores and forty two Lakhs only ) from out of loans outstanding to the identified lenders towards conversion of additional Working Capital in to Term Loan on a preferential basis to any person whether or not such persons are existing shareholders. |
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