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| Exchange Disseminated Time | DB International Stock Brokers Ltd has informed BSE that the Board of Directors of the Company at its meeting held on May 13, 2011, inter alia, has approved the following:
1. The Board of Directors of the Company has recommended dividend of Rs. 0.20 per equity share held.
2. In view of the resignation tenders by the statutory auditors M/s. Agarwal Dugar & Associates, Chartered Accountants, New Delhi, the board has decided to appoint M/s. Chudhary Viggjames & Company, Chartered Accountants, subject to approval of the shareholders.
3. The Board of Directors of the Company has considered replacing two clause in the existing articles of association of the Company subject to shareholders approval viz.
i. "45 (a) A common form of transfer shall be used for transfer of any shares to the Company. The transfer instrument shall be executed by both the transferee and the transferor. The transferor shall be deemed to remain the holder of shares until the name of the transferee is entered in the register of members in respect thereof."
ii. "140. Subject to section 205A of the Act, the board of directors may retain dividends on which the Company has a lien and may apply the same in or towards satisfaction of the debts liabilities or engagements in respect of which the lien exists. However, there shall be no forfeiture of unclaimed dividends before the claim becomes barred by law"
and forward for the approval of the Shareholders at the Annual General Meeting and consequently altering the Articles of Association of the Company with the above two clauses. |
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