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| Exchange Disseminated Time | Tulsyan NEC Ltd has informed BSE that the members at the 62nd Annual General Meeting (AGM) of the Company held on September 16, 2009, inter alia, have also accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2009 and the Profit and Loss Account for the year ended on that date together with the Directors and Auditors’ Report thereon.
2. Declaration of Dividend of 20% payable to the equity shareholders of the Company.
3. Re-appointment of Mr. S Ramakrishnan & Mr. V Kirubanandan, Directors of the Company liable to retire by rotation.
4. Re-appointment of M/s. C A Patel & Patel, Chartered Accountants, Chennai as Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company on remuneration, terms & conditions.
5. Re-appointment of Mr. A P Venkateshwaran as a Whole-Time Director and designed as "Director-Finance" for a period of 5 years with effect from October 01, 2009, on remuneration, terms & conditions.
6. Increase in the remuneration payable to Mr. Sanjay Agarwalla, as Whole-Time Director of the Company with effect from July 01, 2009 for a period of 3 years, on necessary terms & conditions.
7. Approved the payment of incentive to Mr. Sanjay Agarwalla, Whole-time Director of the Company for the Company for the financial year 2008-2009, on necessary terms & conditions.
8. Increase the Authorised Share Capital of the Company from Rs 10,00,00,000/- (Rupees ten crores) only divided into 1,00,00,000 (One Crore) Equity Shares of Rs 10/- each to Rs 22,00,00,000/- (Rs. twenty two Crores) only divided into 2,20,00,000 (two crores twenty lacs) Equity Shares of Rs 10/- each ranking pari passu with the existing equity shares of the Company & consequential amendment in the Memorandum & Articles of Association of the Company.
9. Authority to the Board to offer, issue and allot up to or as near thereto 150,00,000 (One Crore Fifty Lacs) Equity Shares of Rs 10/- (Rupees Ten) each for cash at a premium within a price band of Rs 32 to Rs 45 per share on Rights Basis in the ratio of 3 (Three) Equity Shares for Every Equity Share held by shareholders (ignoring fractional entitlements, if any) whose names appear on the Register of Members or on the list of depositories as beneficial owners at the end of the business hours on such date as may be fixed for the purpose by the Board (“Record Date”) or to such person or persons who may or may not be shareholders of the Company, may be renounces, and others in whose favour (in full or in part), the rights may be renounced by respective shareholders (ignoring fraction entitlements, if any) on such terms and conditions, as the Board may in its absolute discretion think fit, in consultation with the Lead Managers, Auditors, Consultant and for such other persons as it may think fit, subject to necessary terms & conditions.
(For more details kindly refer Corporate Announcement on www.bseindia.com) |
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