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| Exchange Disseminated Time | Modi Rubber Ltd has informed BSE that members of the Company will consider the following resolutions by way of Postal Ballot.
1. To mortgaging and / or charging by the Board of Directors (the "Board") of the Company of the all immovable properties including New Friends Colony, New Delhi, and/or any other movable assets of the Company, to and / or in favour of Bank(s) or other lender(s) for credit facilities sanctioned / to be sanctioned in favour of Company and / or any of its subsidiary(ies) aggregating upto Rs. Two Hundred Fifty Crores (Rs. 250 Crores) only together with interest, costs, taxes, fees, charges, expenses and all other moneys payable to Bank(s) / any other lenders, subject to necessary provisions and approvals.
2. Authority to the Board of Directors of the Company for borrowing from time to time, as it may think fit, any sum or sums of money aggregating upto Rs. 250 Crores on such terms and conditions as Board may deem fit, for the purpose of the business of the company, from any one or more Banks, Financial Institutions and other persons, firms, bodies corporate, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company's Bankers in the ordinary course of business) may, at any time, exceed, the Paid up Capital of the Company and its free reserves (that is to say reserves not set apart for any specific purpose) and that the Board of Directors be and is hereby empowered and authorized to arrange or fix the terms and conditions of all such monies to be borrowed from time to time as to interest, repayment, security or otherwise as it may, in its absolute discretion, as it may think fit, subject to necessary provisions and approvals.
3. To alter Other Objects of the Memorandum of Association of the Company by inserting therein new clauses.
Board has appointed Ms. Rashmi Saxena, Company Secretary in whole time practice, as Scrutinizer for conducting the postal ballot process in a fair and transparent manner.
The Postal Ballot Form should reach to the Scrutinize before the close of working hours, on or before June 24, 2010. The Scrutinizer will submit her report to the Chairman as soon as possible after the last date of receipt of the Ballot papers but not later than June 28, 2010 and the result of the postal ballot will be announced on June 29, 2010. |
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