|
| Exchange Disseminated Time | Kulkarni Power Tools Ltd has informed BSE that the members at the 35th Annual General Meeting (AGM) of the Company held on August 13, 2011, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2011 and the Profit & Loss Accounts for the year ended on that date together with the reports of the Directors and Auditors thereon.
2. Declaration of the dividend as recommended by the Board of Directors for the year ended on March 31, 2011 at the rate of 40% i.e. Rs.2.00 per share on the equity shares of Rs.5/- each of the Company.
3. Re-appointment of Mr. M L Apte & Mr. S C Kirloskar as Directors of the Company.
4. Appointment of M/s. P G Bhagwat, as Statutory Auditors of the Company to hold office from conclusion of this Annual General Meeting until the conclusion of next Annual General Meeting, on remuneration, terms & conditions.
5. Re-appointment of Mr. Prakash Kulkarni as a Managing Director of the Company for a period of five years with effect from April 01, 2011, on remuneration, terms and conditions.
6. Authority to the Board to create, offer, issue and allot at any time to or to the benefit of such person(s) who are in permanent employment of the Company, whether working in India or out of India, including any Director of the Company, whether whole time or otherwise, options exercisable into such number of equity shares being not more than 10% of the Paid-up Equity Share Capital of the Company at any point of time, either directly and / or through a Trust, under one or more Employee Stock Option Schemes, in one or more tranches, and on such terms and conditions as may be fixed or determined by the Board in accordance with the provisions of the law or guidelines issued by the relevant Authority.
The maximum number of options that may be granted to Non-Executive Directors (including independent directors) in any financial year shall not exceed 4% and in aggregate shall not exceed 6% of the issued and paid up capital of the Company at the time of grant of options, subject to necessary provisions & approvals.
7. Accorded approval for the payment to Directors including Alternate Directors (who are neither in the whole-time employment, nor Managing Directors, nor Non-Resident Directors of the Company) of remuneration, by way of commission, within the limits stipulated in Section 309(4) of the Act for a further period of 5 (five) years, effective April 01, 2011, as may be determined by the Board of Directors of the Company (“the Board” ) for each of the financial years of the Company and such commission being divisible amongst the eligible Directors, in such proportion and manner as the Board may determine, from time to time, but so that such commission shall not exceed 1% (one percent) of the net profits of the Company in any financial year computed in the manner provided in Section 198(1) of the Act, subject to necessary provisions & approvals. |
|
|