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| Exchange Disseminated Time | Somany Ceramics Ltd has informed BSE that the members at the 42nd Annual General Meeting (AGM) of the Company held on August 16, 2010, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2010 and the Profit & Loss Account for the year ended on that date together with the Reports of the Directors' and Auditors' thereon.
2. Declaration of Dividend of 30% (Rs.3.00 per share) on 6899400 equity shares of Rs. 10 each for the year ended March 31, 2010.
3. Re-appointment of Shri. G L Sultania & Shri. Salil Singhal, as Directors of the Company.
4. Appointment of M/s. Lodha & Company, Chartered Accountants as 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.
5. Appointment of Dr. Y K Alagh, as Director of the Company, liable to retire by rotation.
6. Authority to Board to borrow any sum or sums of monies, from time to time for the purpose of business of the Company, notwithstanding that the money or monies to be borrowed together with the monies already borrowed by the Company (apart from the temporary loans obtained from the Company’s bankers in the ordinary course of business) may exceed the aggregate of paid up capital and its free reserves, that is to say, reserves not set apart for any specific purposes, provided however, that the aggregate of the monies borrowed and to be so borrowed and remaining outstanding at any particular time shall not exceed Rs.500 crores (Rupees five hundred crores only).
7. Authorized the payment to the Directors of the Company (other than Managing and Whole Time Directors, if any) of a commission (to be divided amongst them, in such amounts or in proportion and in such manner as may be determined by the Board of Directors of the Company from time to time and in default of such determination, equally) of 1% (one percent) of the net profits of the Company, to be computed in the manner prescribed in Sub-section (1) of Section 198 of the Companies Act, 1956, referred to in Sub-Section (5) of Section 309 of the Companies Act, 1956 in any financial year of the Company, for the remaining period of three years, commencing from April 01, 2010 and upto March 31, 2013, subject to a maximum of Rs.5,00,000/- to each Non-Executive Director in any financial year in proportionate to their tenure of directorship and subject however, further to such limit as may be decided by the Board in this behalf from time to time, subject to necessary provisions & approvals. |
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