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| Exchange Disseminated Time | Nelcast Ltd has informed BSE that the members at the 29th Annual General Meeting (AGM) of the Company held on August 09, 2011, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2011 together with the Profit and Loss Account for the year ended on that date and the Report of the Auditors and of the Directors thereon.
2. Declaration of the Dividend of Rs. 3 per share to the Equity Shareholders of the Company, for the year ending March 31, 2011.
3. Re-appointment of Mr. D. Sesha Reddy, as a Director of the Company.
4. Appointment of M/s. J.B. Reddy & Co. Chartered Accountants, as Auditors of the Company, to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
5. Resolved that pursuant to the provisions of the Section 94 and other applicable provisions, if any, of the Companies Act, 1956 and subject to the approvals, consents, permissions and sanctions as may be necessary from the concerned statutory authority (ies), each of the existing equity shares of face value of Rs. 10/- (Rupees Ten only) in the Share Capital of the Company be sub-divided into 5 (Five) equity shares of face value of Rs. 2/- (Rupees Two only) each, subject to necessary provisions & approvals.
6. Appointment of Mr. S. Radhakrishnan, as a Director of the Company not liable to retire by rotation.
7. Resolved that pursuant to Sections 198, 269, 309, 310,311,316, Schedule XIII and all other applicable provisions of the Companies Act, 1956, the approval of the Company be and is hereby accorded to the payment of remuneration during his term of office by way of commission at 5% p.a. of the Net Profit of the Company to Mr. P. Radhakrishna Reddy, Chairman as approved at the meeting of the Board of Directors of the Company and recommended by the Remuneration Committee.
8. Appointment of Mr. S. Radhakrishnan as Managing Director of the Company for a period of three years from January 01, 2011 to January 01, 2014, on remuneration, terms & conditions.
9. Re-appointment of Mr. P. Vijaya Bhaskar Reddy as Deputy Managing Director of the Company for a period of three years from April 01, 2011 to March 31, 2014, on remuneration, terms & conditions. |
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