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| Exchange Disseminated Time | Sona Koyo Steering Systems Ltd has informed BSE that the members at the 27th Annual General Meeting (AGM) of the Company held on August 02, 2011, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2011 and the Profit & Loss Account for the year ended March 31, 2011 together with the directors report and the auditors report thereon.
2. Declaration of Dividend at the rate of 65% on the Equity Share Capital of Rs. 19,87,41,832/- of the Company for the year ended March 31, 2011.
3. Appointment of Mr. B. L. Passi, Mr. J. M Kapur & Mr. Ravi Bhoothalimgam as Directors of the Company.
4. Re-appointment of M/s. S. P. Purl & Co., Chartered Accountants as Auditors of the Company to hold office till
conclusion of the next Annual General Meeting on remuneration, terms & conditions.
5. Appointment of Dr. Rakesh Mohan as a Director of the Company, Liable to retire by rotation.
6. Approval for the revision in the remuneration payable to Mr. K. M. Deshmukh, Dy. Managing Director of the Company w.e.f. November 01, 2010 for the remaining period of his appointment i.e. up to April 30, 2013, on the terms & condition as contained in the draft agreement to be entered into between the company & them & Board of Director of the Company.
7. Re-appointment of Mr. Sunjay Kapur as Managing Director of the Company for a further period of three (3) years with effect from October 22, 2011, on remuneration, terms & conditions.
8. To mortgaging and / or charging by the board of directors of the company of all or any part of immovable and movable properties of the company, whosesoever situated, present and future, of every nature and kind whatsoever and / or the whole of the undertaking of the company in favour of the Allahabad Bank, Indian Bank, Standard Chartered Bank, State Bank of India, Corporation Bank and Kotak Mahindra Bank limited to secure:
As and by way of first charge
(i) Allahabad Bank for its term loan of Rs. 300 million;
(ii) Indian bank for its term loan of Rs. 300 million;
(iii) Standard Chartered Bank for its external commercial borrowing of USD 4 million.
As and by way of second charge
(i) state bank of India for additional working capital facilities of Rs. 50 million;
(ii) Corporation Bank for its working capital facilities of Rs. 180 million; and
(iii) Kotak Mahindra Bank Ltd for its working capital facilities of Rs. 100 million.
together with the interest thereon at the respective agreed rates, compound interest, additional interest, liquidated damages, commitment charges, premia on prepayment or on redemption, cost, charges, expenses and other monies payable by the company to Allahabad Bank, Indian Bank, Standard Chartered Bank, State Bank of India, Corporation Bank and Kotak Mahindra Bank Ltd under the respective heads of agreement / loan agreement / subscription agreement / credit facility agreement / letter of sanction / memorandum of terms and conditions, entered into / to be entered into by the company in respect of the said facilities.
9. Authority to the Board of Directors to borrow from time to time, monies for the purpose of the Company, notwithstanding that the 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) will exceed 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, provided that the total amount of monies borrowed at any time shall not exceed Rs. 500 crores. |
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