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| Exchange Disseminated Time | Vardhman Polytex Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following resolutions:
1. To create security by way of pledge of not more than 2,28,16,018 equity shares of Rs. 10 each of OFMH, held / to be held by the Company, in favour of lenders of OFMH notwithstanding that the aggregate of the loans, guarantees or securities so far given or to be given and / or securities so far acquired or to be acquired in all the bodies corporate are in excess of and in addition to the limits specified in Section 372A of the Companies Act, 1956 and already approved by the shareholders.
2. The upgradation of designation and revision of remuneration of Mr. Abhinav Oswal, being relative of Mr. Ashok Oswal, Chairman & Managing Director and Mr. Adish Oswal, Executive Director, as Sr. Manager (Textiles Business) at total monthly remuneration not to exceed Rs. 1,00,000/- (Rupees one lac only) with effect from May 01, 2011.
3. Reappointment of Mr. Ashok Oswal as Chairman & Managing Director of the Company w.e.f. April 01, 2011 for a period of one year i.e. April 1, 2011 to March 31, 2012 on remuneration, terms & conditions.
4. Reappointment of Mr. Adish Oswal as Executive Director of the Company, being whole time director, w.e.f. April 01, 2011 for a period of one year i.e. April 01, 2011 to March 31, 2012 on remuneration, terms & conditions.
The Company has appointed Mr. Ashwani Khanna, Practising Company Secretary, as the Scrutinizer for conducting the Postal Ballot process.
Duly completed the Postal Ballot form should reach the Scrutinizer/Company before the close of working hours on or before July 07, 2011.
The Scrutinizer will submit his report to the Chairman and Managing Director of the Company after completion of the scrutiny. The result of the Postal Ballot shall be declared by the Chairman and Managing Director, or in his absence the declaration shall be read out by any other person authorized by the Chairman, on July 12, 2011 at 4:00 P.M at the Registered Office of the Company . |
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