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| Exchange Disseminated Time | Maral Overseas Ltd has informed BSE that the members at the 16th Annual General Meeting (AGM) of the Company held on August 17, 2005, inter alia, have accorded to the following:
1. Adoption of the Profit & Loss Account for the period ended March 31, 2005 and the Balance Sheet as on that date of the Company and the report of the Directors and Auditors thereon.
2. Re-appointment of Shri Ravi Jhunjhunwala & Dr. Kamal Gupta as Directors of the Company, liable to retire by rotation.
3. Re-appointment of M/s. Doogar & Associates, Chartered Accountants, New Delhi and M/s Ashim & Associates, Chartered Accountants, New Delhi as Auditors of the Company.
4. Authority to the Board for creation of such mortgages and charges in addition to the existing mortgages and charges and hypothecation created by the Company as the Board may direct on the assets of the Company both present and future and the whole of the undertaking of the Company except Jammu Unit and / or conferring power to enter upon and take possession of the assets of the Company except those of Jammu Unit in certain events to or in favour of:
i. Yes Bank Ltd (Yes Bank) in connection with Long Term Loan of Rs 250 million.
ii. Export-Import Bank of India (Exim Bank) in connection with Rupee Term Loan of Rs 375 million.
together with interest thereon at the respective agreed rates, compound interest, additional interest, liquidated damages, commitment charges, premia on pre-payment or on redemption, costs, charges, expenses and other monies payable by the Company to Yes Bank and Exim Bank under the Loan Agreements entered into by the Company in respect if the said borrowings.
5. Authority to the Board to borrow from time to time sum or sums of money upto a limit not exceeding, in the aggregate, Rupees Three Hundred Crores or its equivalent in any foreign currency on such security and on such terms and conditions as the Board may deem fit not withstanding that the money to be borrowed together with the money 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 aggregate for the time being of the paid-up capital of the Company and its free reserves, this is to say, reserves not set apart for any specific purpose. |
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