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| Exchange Disseminated Time | IP Rings Ltd has informed BSE that the members at the 19th Annual General Meeting (AGM) of the Company held on July 29, 2010, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2010 together with the Profit and Loss Account for the year ended on that date and the Report of the Auditors and of the Directors thereon.
2. Declaration of the Dividend of 30% on Equity Shares together with the Dividend Tax, to the Equity Shareholders of the Company, for the year ending March 31,2010.
3. Re-appointment of Mr. A Sivasailam & Dr. R Natarajan, as Directors of the Company.
4. Re-appointment of Messrs. R G N Price & Co., Chartered Accountants, Chennai as auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting of the Company, on remuneration terms & conditions.
5. Appointment of Mr. Masaaki Otani, as Director of the Company, liable to retire by rotation.
6. Subject to the approval of the Central Government and pursuant to the provisions of Section 198, 309, 310 and all other applicable provisions of the Companies Act, 1956, consent of the Members be and is hereby accorded for the payment of Managerial Remuneration to Mr. K.V. Shetty, Managing Director, amounting to Rs. 16,59,807/-, for the financial year April 01, 2009 to March 31, 2010, which is in excess of the limits laid down under Section 198(1) and Section 309 (3) of the Companies Act, 1956 and which has been duly recommended by the Remuneration Committee.
7. Subject to the approval of the Central Government and pursuant to the provisions of Section 198, 309, 310 and all other applicable provisions of the Companies Act, 1956, consent of the Members be and is hereby accorded for the payment of Managerial Remuneration to Dr N Gowrishankar, Whole Time Director, amounting to Rs. 3,31,653/- for the financial year April 01, 2009 to March 31, 2010, which is in excess of the limits laid down under Section 198(1) and Section 309 (3) of the Companies Act, 1956 and which has been duly recommended by the Remuneration Committee.
8. Subject to the approval of the Central Government and pursuant to the provisions of Section 198, 309, 310 and all other applicable provisions of the Companies Act, 1956, consent of the Members be and is hereby accorded for the payment of Managerial Remuneration to Dr N Gowrishankar, Whole Time Director, amounting to Rs. 3,31,653/- for the financial year April 01, 2009 to March 31, 2010, which is in excess of the limits laid down under Section 198(1) and Section 309 (3) of the Companies Act, 1956 and which has been duly recommended by the Remuneration Committee.
9. Pursuant to proviso to Section 309 (1) and other applicable provisions, if any, of the Companies Act, 1956, and subject to the opinion and / or approval of the Central Government, the Company do avail professional services from Dr R Mahadevan, Non-Executive Director of the Company for a period of 3 years with effect from April 01, 2009 at a fee not exceeding Rs. 20,000 p.m. on terms and conditions as set forth in the agreement entered into between the Company and Dr R Mahadevan.
10. Pursuant to proviso to Section 309 (1) and other applicable provisions, if any, of the Companies Act, 1956, and subject to the opinion and / or approval of the Central Government, the Company do avail professional services from Mr K V Shetty, Non-Executive Director of the Company for a period of two years with effect from April 01, 2010 at a fee of Rs. 2,50,000 p.m. on terms and conditions as set forth in the agreement entered into between the Company and Mr K V Shetty. |
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