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| Exchange Disseminated Time | VST Industries Ltd has informed BSE that the members at the 78th Annual General Meeting (AGM) of the Company held on July 16, 2009, inter alia, have accorded to the following:
1. Adoption of the Report of the Directors to the shareholders for the year ended March 31, 2009, Balance Sheet as at March 31, 2009 and Profit & Loss Account for the year ended on that date & the Report of the Auditors thereon.
2. Declaration of dividend of Rs 30 per share (300%) for the financial year ended March 31, 2009.
3. Appointment of Mr. S Thirumalai & Mr. N Sai Sankar as Directors of the Company.
4. Appointment of Messrs. Lovelock & Lewes, Chartered Accountants, as Auditors of the Company to hold office until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
5. Appointment of Mr. Milind A Kharat, as a Director of the Company whose period of office shall be liable to determination by retirement of Directors by rotation.
6. To extend the current term of Mr. Raymond S Noronha as Managing Director of the
Company which is due to expire on September 02, 2010 be extended to September 02, 2012 (both days inclusive), subject to necessary provisions and approvals.
7. To re-designate Mr. N Sai Sankar, Wholetime Director & Secretary as Deputy Managing Director & Secretary of the Company with effect from February 01, 2009, subject to necessary provisions and approvals.
8. Payment of remuneration to the Directors of the Company other than the Wholetime Directors, by way of commission not exceeding 1% of the Company's net profits computed in the manner referred to in Section 198 of the Companies Act, 1956, or any amendment or re enactment thereof, for each of the five financial years of the Company commencing from April 01, 2009, subject to a ceiling of Rs 25 Lakhs in the aggregate for all such Directors aforesaid or such amount as may be determined by the Board of Directors within the aforesaid ceiling of Rs 25 Lakhs, to be divided amongst the Directors aforesaid in such manner as the Board of Directors of the Company may from time to time determine and in default of such determination, equally, subject to necessary provisions and approvals.
9. To alter the Articles of Association of the Company by inserting the following at the end of Article 93 of the Articles of Association of the Company:
"Notwithstanding anything contained to the contrary in these Articles, the Managing Director(s) and the Wholetime Director(s) of the Company shall not be director(s) liable to retire by rotation during their respective tenure of office as such." |
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