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| Exchange Disseminated Time | IP Rings Ltd has informed BSE that the members at the 17th Annual General Meeting (AGM) of the Company held on July 24, 2008, inter alia, have accorded the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2008 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 dividend of 25% on Equity Shares together with the Dividend Tax, to the Equity Shareholders of the Company for the year ending March 31, 2008.
3. Re-appointment of Mr. A Sivasailam & Mr. N Venkataramani, 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 and conditions.
5. Payment of remuneration to Mr. K V Shetty, as Managing Director of the Company, for the financial year April 01, 2007 to March 31, 2008, on terms and conditions.
6. Payment of remuneration to Dr. N Gowrishankar, as Whole Time Director of the Company for the financial year April 01, 2007 to March 31, 2008, on terms and conditions.
7. Payment of commission to eligible Non Executive Directors of the Company other than Managing / Whole Time Directors of 1% of the net profits of the Company computed in the manner laid down in Section 198 (1) of the Companies Act, 1956 for each financial year for a period of five years commencing from April 01, 2008 to March 31, 2013 to be apportioned between such directors in such manner as may be decided by the Board of Directors from time to time, subject to necessary provision and approvals. |
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