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| Exchange Disseminated Time | Onward Technologies Ltd has informed BSE that the members at the 16th Annual General Meeting (AGM) of the Company held on July 20, 2007, inter alia, have accorded to the following:
1. Adoption of the audited Balance Sheet as at March 31, 2007, the Profit & Loss Account for the year ended on that date, the Directors Report & the Auditors Report thereon.
2. Re-appointment of Mrs. Shaila Mehta, Dr. Atul Wad as Directors of the Company.
3. Appointment of M/s. Kirtane & Pandit, Chartered Accountants, Pune as Auditors of the Company to hold office from the conclusion of this meeting till the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
4. The register of members, indexes, returns and copies of certificates and documents, instead of being kept at the registered office of the Company at Turbhe, Navi Mumbai, shall now be kept at the Company’s Corporate office at Andheri (E), Mumbai, where the necessary registers, indexes, returns as mentioned above shall remain open on all weekdays for inspection of the members during the business hours of the Company except Saturdays, Sundays and Public Holidays.
5. Authority to the Board to issue, offer and allot Thirty Thousand equity stock options, convertible into One lac Twenty Thousand equity shares of the aggregate nominal face value not exceeding Rupees Ten each (Rs 10/- each) to the present and future Permanent Employees as well as Directors of Onward Technologies Ltd. (OTL) under an Employee Stock Option Scheme ("ESOS") on the terms and conditions and on such other terms and conditions and in such tranche/s as may be decided by the Board in its absolute discretion.
6. Authority to the Board to issue, offer and allot Ten Thousand equity stock options, convertible into Forty Thousand equity shares of the aggregate nominal face value not exceeding Rupees Ten each (Rs 10/- each) to the present and future permanent Employee as well as Directors of Onward Technologies, Inc., USA, (OTI) under an Employee Stock Option Scheme ("ESOS") on the terms and conditions and on such other terms and conditions and in such tranche/s as may be decided by the Board in its absolute discretion.
7. Authority to issue, offer and allot Ten Thousand equity stock options, convertible into Forty Thousand equity shares of the aggregate nominal face value no exceeding Rupees Ten each (Rs 10/- each) to the present and future permanent Employee as well as Directors of Onward eServices Ltd, (OeSL), under an Employee Stock Option Scheme ("ESOS") on the terms and conditions and on such other terms and conditions and in such tranche/s as may be decided by the Board in its absolute discretion.
8. Re-appointment and payment of remuneration to Mr. Harish Mehta as Chairman and Managing Director of the Company for a period of (3) three years with effect from January 01, 2006 to December 31, 2008, on terms & conditions. |
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