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| Exchange Disseminated Time | Vidhi Dyestuffs Manufacturing Ltd has informed BSE that the members of the Company by way of Postal Ballot have passed the following special business:
1. Increasing in borrowing limit of the Company from Rs. 10 Crores to Rs. 100 Crores:
- Authority to the Board of Directors of the Company to borrow any sum or sums of money (including non fund based facilities) from time to time at their discretion, for the purpose of the business of the company, from any one or more Banks, Financial Institutions, and other persons, firms, bodies corporate, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company's Bankers in the ordinary course of business) may, at any time, upto a sum of Rs. 100 Crores (Rupees One Hundred crores) over and above 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) and that the Board of Directors be and it is hereby empowered and authorized to arrange or fix the terms and conditions of all such monies to be borrowed from time to time as to interest, repayment, security or other wise as it may, in their absolute discretion, think fit, subject to necessary provisions and approvals.
2. Authorisation for mortgage of assets to secure the borrowings :
- Authority to the Board of Directors of the Company to mortgage and/or charge in addition to the mortgage(s) / charge(s) created by the Company, in such form and manner and with such ranking and at such time(s) and on such terms as the Board may determine, all or any part of the movable and/or immovable properties of the Company wherever situated, both present and future, and/or create a floating charge on all or any part of the immovable property of the Company and the whole or any part of the undertaking or undertakings of the Company together with power to take over the management of the business and concern of the Company in certain events of default, in favour of the Company’s Bankers and Development / investment Financial institutions / ('Lenders') / Debenture Trustees to secure any Loans, Guarantee, financial assistance, Working Capital arrangement etc. already availed! to be availed by the Company together with interest thereon at the agreed rate, compound interest, additional interest, liquidated damages, premium on prepayment, costs, charges, expenses and other monies payable by the Company to the said Lenders and/or any issue of Non Convertible Debentures, and/or Compulsorily or Optionally, Fully or Partly Convertible Debentures, within the overall ceiling prescribed by the members of the Company, from time to time, in terms of section 293(1)(d) of the Companies Act, 1956. |
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