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| Exchange Disseminated Time | GTN Textiles Ltd has informed BSE that the members at the 2nd Annual General Meeting (AGM) of the Company held on July 26, 2007, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2007 and the annexed Profit & Loss Account for the period ended as on that date together with the Directors Report and Auditors Report thereon.
2. Declaration of Dividend @ 9% on the paid up Equity Share Capital of the Company as on March 31, 2007.
3. Re-appointment of Shri. B L Singhal & Shri. M L Patodia, as Directors of the Company.
4. Re-appointment of M/s. M S Jagnnathan & Visvanathan, Chartered Accountants, Coimbatore as Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of next Annual General Meeting of the Company, on remuneration, terms and conditions.
5. Authority to the Board for borrowing monies for and on behalf of the Company in any manner from time to time and without prejudice to the generality thereof by way of loans, advances, credits, acceptance of deposits, banking and financial facilities, bonds, or otherwise from any bank or banks or any financial institution(s) or other person or persons situated in India or abroad and whether the same be unsecured or secured and if secured whether by way of mortgage, charge, hypothecation, pledge, or otherwise in any way whatsoever on, over or on respect of all or any o the Company's assets, effects and properties including uncalled capital, stock in trade (including raw materials, stores, parts and components in stock or in transit) not withstanding that the monies borrowed by the Company (apart from temporary loans obtained from the Company's Bankers in the ordinary course of business) may exceed the aggregate of the paid up capital of the Company and its free reserves, that is to say, the reserves not set apart for any specific purpose provided that the total amount which may be so borrowed by the Board of Directors and outstanding at any time shall not exceed Rs 200 crores.
6. Authority to the Board to mortgage and / or charge by the, Board / Committee of the Board or Directors of the Company of all the immovable properties and movable fixed assets of the Company, excluding assets on which exclusive charge was given and hypothecation of all movable properties of the Company subject to prior charges in favour of bankers for working capital, where so ever situate, present and future and of conferring power to enter upon and to take possession of the assets of the Company in certain events, to or in favour of Bank of India, UTI Bank Ltd, Central Bank of India, State Bank of India and State Bank of Travancore, to secure on pari passu first charge basis.
i. Rupee Term Loan of Rs 12 crores under Technology Upgradation Fund Scheme — Phase IV, lent and advanced by Bank of India (BOI) to the Company.
ii. Rupee Term Loan of Rs 20.66 crores under Technology Upgradation Fund Scheme — Phase IV lent and advanced by UTI Bank Ltd (UTI Bank) to the Company.
iii. Rupee Term Loan of Rs 4.00 crores (bifurcated outstanding amount in view of the Demerger) under Technology Upgradation Fund Scheme — Phase III, lent and advanced by Central Bank of India (CBI) to the Company.
iv. Rupee Term Loan of Rs 9.04 crores (bifurcated outstanding amount in view of the Demerger) under Technology Upgradation Fund Scheme — Phase III, lent and advanced by State Bank or India (SBI) to the Company.
v. Rupee Term Loan of Rs 5.50 crores (bifurcated outstanding amount in view of the Demerger) under Technology Upgradation Fund Scheme — Phase III, lent and advanced by State Bank of Travancore (SBT) to the Company. |
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