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| Exchange Disseminated Time | Birla Ericsson Optical Ltd has informed BSE that the members at the 19th Annual General Meeting (AGM) of the Company held on September 07, 2011, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet of the Company as at March 31, 2011 the Profit & Loss Account and Cash Flow Statement for the year ended on that date, together with the Directors’ Report (including the Annexure attach hereto) and Auditors’ Report thereon.
2. Re-appointment of Mr. R. C. Tapuriah, as a Director of the Company, whose period of office shall be liable to determination by retirement of Directors by rotation.
3. Re-appointment of Messrs V. Sankar Aiyer & Co., Chartered Accountants, as the Statutory Auditors of the Company to hold Office from the conclusion of this Meeting until the conclusion of the next Annual General Meeting of the Company on remuneration, terms & conditions.
4. Appointment of Mr. Mats O. Hansson as a Director of the Company, liable to retire by rotation.
5. To borrow any sum or sums of money in any manner from time to time at its discretion for the purpose of business of the Company, with or without security and upon such terms and conditions as it may deem fit, notwithstanding that the money or moneys to be borrowed together with the moneys already borrowed by the Company (apart from temporary loans obtained from the Company’s bankers in the ordinary course of business) may exceed the aggregate of the paid-up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided however that the total amount so borrowed by the Board of Directors and outstanding at any time shall not exceed the sum of Rs. 700 crores (Rupees Seven hundred crores only).
6. To mortgage and for create charge(s) on all or any of the immovable and movable properties or such assets of the Company, wherever situate, both present and future, or the whole or substantially the whole of the undertaking of the Company on such terms and conditions and at such time or times and in such form or manner as the Board of Directors may think fit, together with power to enter upon and take possession of the assets of the Company in certain events, for securing debentures, any loan and/or advances including credit facilities already obtained or that may be obtained from banks, financial institutions or trustees of the debenture holders or other person or persons together with interest/additional interest, further interest, compound interest, liquidated damages, commitment charges, premia on prepayment or on redemption, costs, charges, expenses and other moneys including any increase as a result of devaluation/revaluation/fluctuation in exchange rate of foreign currency involved, payable by the Company to the concerned lenders within the overall limit of Rs. 700 crores (Rupees Seven hundred crores only). The security as aforesaid by way of mortgage and/or charge(s) may rank pan passu with, or second or subservient to, the mortgages and / or charges already created or to be created by the Company or in such manner as may be agreed to between the concerned parties and as may be thought expedient by the Board of Directors of the Company. |
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