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| Exchange Disseminated Time | Savera Industries Ltd has informed BSE that the members at the 42nd Annual General Meeting (AGM) of the Company held on September 21, 2011, inter alia, have transacted the following business:
1. Adoption of the Profit and Loss Account for the year ended March 31, 2011 and the
Balance Sheet as on that date together with the Report of the Directors and Report of the
Auditors thereon.
2. Declaration of the Dividend of Rs. 1.20 per equity share, which works out to 12%, of the face value of Rs. 10/- each for the year ended March 31, 2011.
3. Appointment of Sri. G. Sitharaman & Smt. A. Nina Reddy as Directors of the Company.
4. Re-appointment of M/s. D. A. Reddy & Co., Chartered Accountants as the Statutory Auditors of the Company to hold office from the conclusion of this meeting till the conclusion of the next Annual General Meeting, on remuneration, terms & conditions.
5. Authority to the Board to borrow (excluding temporary loans obtained from the Banks in the ordinary course of business) from time to time, any sum or sums of money for the purpose of the business of the Company, notwithstanding that the moneys to be borrowed together with moneys already borrowed by the Company (apart from the temporary loans obtained from the Company’s bankers in the ordinary course of business) will exceed the paid up capital of the company and its free reserves that is to say, reserves not set apart for any specific purpose, provided that the total amount up to which the moneys may be borrowed by the Board of Directors shall not exceed the aggregate of the paid-up capital and free reserves of the company by more than the sum of Rs. 100 crores (Rupees one hundred crores only) at any one time, subject to necessary provisions & approvals.
6. Authority to the Board to mortgaging and/or charging by the Board of Directors of the Company, all or any of the movable or immovable properties, both present and future, or the whole or substantially the whole of the undertaking or undertakings of the Company for securing any loan as may be obtained from Banks/Other Financial Institutions, provided that the total amount so borrowed and to be borrowed (excluding temporary loans obtained from the banks in the ordinary course of business) does not exceed at any time the aggregate of the paid-up capital and free reserves of the Company by more than the sum of Rs. 100 crores (Rupees One Hundred crores only), subject to necessary provisions & approvals. |
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