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| Exchange Disseminated Time | Manaksia Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 05, 2013 has approved, amongst others, revision in remuneration of Mr Basant Kumar Agrawal, Managing Director, Mr Suresh Kumar Agrawal, Executive Director, Mr Sushil Kumar Agrawal, Executive Director and Mr Sunil Kumar Agrawal, Executive Director of the Company April 01, 2013, subject to approval of the shareholders, till the remaining period of the their respective tenure as Managing Director/Executive Directors.
The Board on August 05, 2013, has also approved Notice to seek approval of the members of the Company through the process of Postal Ballot under Section 192A of the Companies Act, 1956 read with the Companies (Passing of resolution by Postal Ballot) Rules, 2011, for passing of the following resolutions;
1. Revision in remuneration of the Managing Director/Executive Directors.
2. For Increase in borrowing powers from Rs 750 crores to Rs 1000 crores under provisions of Section 293(1) (d) of the Companies Act, 1956.
3. To create charge / mortgage on the assets of the Company as security for the enhanced borrowings from the existing limit of Rs 750 crones to Rs 1000 crores under provisions of Section 293(1)(a) of the Companies Act, 1956.
4. Appointment and or/ Revision in remuneration of relatives of Directors under Section 314 of the Companies Act 1956 for holding /continue to hold office or a place of profit in the Company.
5. Pursuant to provisions of Section 149(2)(A) of the Companies Act, 1956 to commence business(es),as and when deemed appropriate.
The Board has also authorised Managing Director and/or Company Secretary to conduct the entire Postal Ballot process and has decided August 02, 2013 as the date of entitlement for voting on the resolutions to be passed by way of Postal Ballot. |
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