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| Exchange Disseminated Time | TVS Electronics Ltd has informed BSE that the members at the 16th Annual General Meeting (AGM) of the Company held on September 21, 2011 inter alia, have approved to the following:
1. The audited Balance Sheet as at March 31, 2011 and the Profit and Loss Account of the Company for the year ended on that date, together with the Directors' Report and Auditors' Report thereon.
2. Re-appointment of Mr. S. R. Vijayakar and Dr. Sridhar Mitta as Directors of the Company, liable to retire by rotation.
3. Re-appointment of Messers Sundaram & Srinivasan, Chartered Accountants, Chennai, as Auditors of the Company to hold office from the conclusion of the Annual General Meeting till the conclusion of the next Annual General Meeting of the Company.
4. Appointment of Mr. Balu Doraisamy as Director liable to retire by rotation.
5. Offer, issue and allotment of not exceeding 3,50,000 Warrants with option to exercise the right to be allotted equal number of Equity Shares of Rs. 10/- each of the Company on preferential basis to Tranzmute Business Advisory LLP, Mumbai.
6. Offer, issue and allotment in one or more tranches to such permanent employees of the Company, whether working in India or out of India and Directors of the Company whether Whole-time Directors or otherwise under the "Employees Stock Option Scheme 2011", not exceeding 12,35,000 Equity Stock options convertible into equal number of Equity Shares of the face value of Rs. 10/- each constituting about 7% of the paid-up Equity Share capital of the Company as on March 31, 2011 either directly or through a Employees Welfare Trust on such terms and conditions as may be determined in accordance with the SEBI Guidelines or any other applicable provisions as may be prevailing.
7. To extend the benefits of the "Employees Stock Option Scheme 2011", to such Directors whether Whole-time Directors or otherwise of TVS Investments Limited, the Holding Company, not exceeding 5,30,000 Equity Stock options convertible into equal number of Equity Shares of the face value of Rs. 10/- each constituting about 3% of the paid-up Equity Share capital of the Company as on March 31, 2011 either directly or through a Employees Welfare Trust on such terms and conditions as may be determined in accordance with the SEBI Guidelines or any other applicable provisions as may be prevailing.
8. Offer, issue and allotment in one or more tranches such number of stock options which may be equal to or exceeding 1% of the issued capital (excluding outstanding warrants and conversions) of the Company at the time of grant of options during any one year, to permanent employees whether working in India or out of India and Directors whether Whole-time Directors or otherwise of the Company or Directors of TVS Investments Limited, the Holding Company, under the "Employees Stock Option Scheme 2011". |
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