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| Exchange Disseminated Time | Kalyani Forge Ltd has informed BSE that the members at the Annual General Meeting (AGM) of the Company held on July 23, 2011, inter alia, have accorded to the following:
1. Adopted the Balance Sheet as at March 31, 2011, Profit and loss account for the year ended March 31, 2011 and reports of the Directors and auditors thereon;
2. Approved the dividend of Rs. 2.00 (Re. Two and paise zero only) per share of Rs. 10/- each to equity shareholders of the Company.
3. Re-appointment Mr. N A Kalyani as Director.
4. Re-appointment Mr. A R Jamenis as Director.
5. Re-appointed M/s. P G Bhagwat, Chartered Accountants as Statutory Auditors of the Company, to hold the office of auditors from the date of this Meeting to the conclusion of the next annual general meeting of the Company on such remuneration and out of pocket expenses as may be decided by the Board.
6. Approval for payment and distribution, for five financial year commencing from April 01, 2011, of a commission not exceeding 1% (one percent) of the net profits of the Company calculated in accordance with the provisions of section 198, 349 of the Companies Act, 1956, amongst the non executive directors of the Company or any one or more of them in such proportion and in such manner and in all respects as may be decided by the board of directors of the Company from time to time and such payment shall be made in respect of the profits of the Company for each financial year, provided that for the purpose of calculating the commission payable for any part of the financial year of the Company, such profits shall be deemed to have accrued or arisen at an even rate throughout the year and shall be pro-rated for each director having regard to the period during which he has served as a director during the relevant financial year. |
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