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| Exchange Disseminated Time | Modi Rubber Ltd has informed BSE that the members of the Company, by way of Postal Ballot, have passed the following resolutions, with requisite majority:
1. Mortgaging Immovable property for securing credit facilities to Company and / or any of its subsidiaries under Section 293 (1)(a) of the Companies Act, 1956.
- Authority to the Board to mortgaging and / or charging by the Board of Directors (the "Board") of the Company of the all immovable properties including New Friends Colony, New Delhi, and/or any other movable assets of the Company, to and / or in favour of Bank(s) or other lender(s) for credit facilities sanctioned / to be sanctioned in favour of Company and / or any of its subsidiary(ies) aggregating upto Rs. Two Hundred Fifty Crores (Rs. 250 Crores) only together with interest, costs, taxes, fees, charges, expenses and all other moneys payable to Bank(s) / any other lenders, subject to necessary provisions and approvals.
2. Increase in the borrowing powers of the Board of Directors of the Company under section 293(1)(d) of the Companies Act, 1956
- Authority to the Board of Directors of the Company for borrowing from time to time, as it may think fit, any sum or sums of money aggregating upto Rs. 250 Crores on such terms and conditions as Board may deem fit, 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, exceed, 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 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 otherwise as it may, in its absolute discretion, as it may think fit, subject to necessary provisions and approvals.
3. Alternation in Other Objects of the Memorandum of Association of the Company by inserting therein new clauses. |
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