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| Exchange Disseminated Time | Maithan Alloys Ltd has informed BSE that the members of the Company will consider to approve the special resolution, by way of Postal Ballot, authorising the Board of Directors of the Company ("the Board" which term shall include any committee constituted by the Board or any person(s) or Director(s) authorized by the Board to exercise the powers conferred on the Board by this resolution) to give loan, to make further investment, by subscription, purchase, or otherwise, in any kind of preference or equity shares of Anjaney Alloys Limited, Anjaney Minerals Limited and/or AXL-Exploration Pvt. Ltd. (the "Subsidiary Companies"), and/or to give any guarantee(s) / securities(s) in favor of lenders, bankers or any other persons in connection with the loan made, to "Subsidiary Companies"; in one or more tranches, upto a limit of Rs 400,00,00,000/- (Rupees Four Hundred Crores), notwithstanding the fact that the aggregate of the investment so far made/to be made, securities so far provided/to be provided, loans/guarantees so far given/to be given by the Company in all other bodies corporate (including "Subsidiary Companies") along with the proposed investment / loan / guarantee, may exceed 60% of the Paid-up Capital and free reserves of the Company or 100% of its free reserves, whichever is more, subject to necessary provisions and approvals.
The Company has appointed Shri Jitendra Patnaik, a Company Secretary in whole time practice, as Scrutinizer for conducting the postal ballot process in a fair and transparent manner.
The Postal Ballot form should reach to the Scrutinizer on or before December 20, 2010. The Scrutinizer shall submit his report to the Chairman of the Company after completion of the scrutiny and the results of the postal ballot will be announced through a press release. |
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