|
| Exchange Disseminated Time | SEL Manufacturing Company Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on November 29, 2011, inter alia, have accorded to the following:
1. To create, offer, issue and allot upto 1,20,00,000 Equity warrants convertible into 1,20,00,000 Equity Shares. on Preferential basis having face value of Rs. 10/- each (where each such Equity warrant being exercisable, at the option of the holder being allotted one fully paid up equity share of Rs. 10/- each) at such price including premium, being a price not less than the price, calculated in accordance with SEBI Guidelines for Preferential issue (Chapter VII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and which can be convertible, in such number of options exercised by the holder of such Equity warrants, in one or more lots, at the option of the holder of such Equity warrants, into equity shares within a period not exceeding eighteen months (18 months) from the date of issue of Equity warrants in accordance with SEBI (Issue of Capital And Disclosure Requirements) Regulations, 2009, subject to necessary provisions and approvals.
2. Accorded consent for the appointment of Mr. Arnav Saluja to hold and continue to hold an office or Place of Profit as Business Integration and Research Manager (or any other designation and roles which the Board/Committee of the Board may decide from time to time) on such Monthly remuneration as may be fixed from time to time by the Board of Directors of the Company within the limits prescribed under Section 314(1B) of the Companies Act, 1956 read with Rule 3 of the Directors’ Relative (Office or Place of Profit) Rules, 2011, as amended from time to time, subject to necessary provisions and approvals.
3. To approve the payment of commission to the Non-Executive and Independent Directors of the Company (other than the Managing Director and/or Whole-Time Directors and Non-Independent Directors) to be determined by the Board of Directors for each Non-executive and Independent Director for each financial year over a period of 5 (five) years commencing from the financial year ending on March 31, 2012 up to and including financial year of the Company ending as on March 31, 2016, to be calculated in accordance with the provisions of Sections 198, 349 and 350 and other provisions, if any, of the Companies Act, 1956 and distributed between such Directors in such a manner as the Board of Directors may from time to time determine within the maximum limit of 1% (one percent) of net profits of the Company, or such other maximum limit as may be prescribed in this regard, from time to time, in addition to the sitting fees being paid by the Company for attending the Board/Committee Meetings of the Company, subject to necessary provisions and approvals.
4. Accorded consent for increase in payment of consolidated amount of Salary to Sh. Navneet Gupta as the Executive Director of the Company, subject to necessary provisions and approvals.
5. Accorded consent for increase in payment of consolidated amount of Salary to Sh. Vinod Kumar Goyal as the Executive Director & CEO of the Company, subject to necessary provisions and approvals. |
|
|