|
| Exchange Disseminated Time | Sona Koyo Steering Systems Ltd has informed BSE that the members at the 24th Annual General Meeting (AGM) of the Company held on July 18, 2008, inter alia, have accorded the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2008 and the Profit & Loss Account for the year ended March 31, 2008 together with the Directors Report & the Auditor Report thereon.
2. Declaration of dividend at the rate of 35% of the equity share capital of the Company for the year ended March 31, 2008.
3. Re-appointment of Mr. J M Kapur, Mr. Ravi Bhoothalingam & Mr. P K Chadha, as Directors of the Company.
4. Re-appointment of M/s. S P Puri & Co., Chartered Accountants, as Auditors of the Company to hold office till the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
5. Appointment of Mr. Ramesh Suri, Mr. Noriyuki Fujita & Lt. Gen. (Retd) Shamsher Singh Mehta, as Directors of the Company, whose period of office would be liable to determination by retirement of Directors by rotation.
6. Increase in remuneration payable to Dr. Surinder Kapur, Chairman and Managing Director of the Company with effect from May 01, 2008 for the remaining period of his appointment i.e. upto September 27, 2012 on remuneration, terms & conditions.
7. Appointment of Mr. Kiran Manohar Deshmukh, as a Director of the Company, whose period of office would not be liable to determination by retirement of Directors by rotation.
8. A sum not exceeding 1% of the net profits of the company calculated in
accordance with the provisions of sections 349 and 350 of the act be paid and distributed amongst the directors or any of them or some of them other than the managing director(s) / whole-time director(s) of the company, as and by way of commission in such amounts or proportions and in such manner and in all respects as may be determined by the Board of Directors and such payments shall be made out of the profits of the company for each year for the period of five years commencing from April 01, 2008.
9. Article 19 of Articles of Association of the Company and subject to such approvals as may be required from the appropriate Authorities or Bodies, each of the existing fully paid equity share of Rs 2/- (Rupees Two) in the capital of the Company be and is hereby sub into two fully paid equity shares of Rs 1/- (Rupee One) each, subject to necessary provisions & approvals.
10. Amendments in the Memorandum & Articles of Association of the Company.
11. Authority to the Board 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, wheresoever situated, present & future, of every nature and kind whatsoever and / or the Whole of the undertaking of the Company in favour of the Corporation Bank (CORPBANK), State Bank of Hyderabad (SBH) and Standard Chartered Bank (SCB) to secure:
- As and by way of First charge
a. Corporation Bank of its Term loan of Rs 1000 million.
- As and by way of second charge
a. State Bank of Hyderabad of its additional working capital facilities to the tune of Rs 1687 Lacs.
b. The Standard Chartered Bank of its additional working capital facilities to the tune of Rs 1650 Lacs.
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 CORPBANK, SBH and SCB 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. |
|
|