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| Exchange Disseminated Time | Chennai Petroleum Corporation Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following Ordinary Resolutions:
1. Authority to the Board of Directors for borrowing, upto an aggregate amount of Rs. 8000 Crore (Rupees eight thousand crores) including the temporary loans obtained from the Company's bankers in the ordinary course of businesses, for both domestic and foreign currency borrowings from banks, financial institutions and other sources for the purpose of financing working capital requirements (by way of cash credit, loan, overdraft, discounting of bills and any other type of credit line or facility) as also for acquisition of capital assets and / or for the purpose of any other requirements of the company both for capital and revenue in nature, irrespective of the fact that such aggregate amount of borrowing outstanding at any one time may exceed the aggregate, for the time being, of the total paid up capital and free reserves, i.e., reserves not set apart for any specific purpose, subject to necessary provisions and approvals.
2. Authority to the Board of Directors of the Company to mortgage / hypothecate and/or charge, all or any of the movable or immovable properties, both present and future, or the whole or substantially the whole of the undertaking or undertakings of the Company, for securing any loan obtained, accommodation availed or as may be obtained / availed from Government of India, Indian Oil Corporation Limited, Oil Industry Development Board, Commercial Foreign Banks, financial Institutions or other Agencies/Organizations or person or persons, together with interest, costs, charges and expenses and any other monies payable by the Company on such terms and conditions as the Board may deem fit, subject to necessary provisions and approvals.
The Company has appointed Mrs. S. Lalitha, a practicing Company Secretary, as Scrutinizer for conducting the postal ballot process in a fair and transparent manner.
Duly completed the Postal Ballot should reach in Scrutinizer on or before December 17, 2011. The results of the postal ballot will be declared by the Managing Director or Director (Finance) on December 26, 2011, at the registered office of the Company. |
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