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| Exchange Disseminated Time | Maithan Alloys Ltd has informed BSE that the members of the Company will consider to approve by way of Postal Ballot the following Resolutions as under:
1. To borrow any sum or sums of money / ies whether in Indian and / or foreign currency, from time to time at their discretion, from National / International Financial Institutions, Banks or from Public / Bodies Corporate or from Government body / corporation, for the purpose of the business of the Company, which 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) not withstanding that such borrowings may exceed at any time, the aggregate of the paid-up capital of the Company and its free reserves (that is to say, reserves, not set apart for any specific purpose), provided that the total amount upto which the money may be borrowed by the Board of Directors at any time shall not exceed in the aggregate a sum of Rs 1000,00,00,000/- (Rupees One Thousand Crore only) and on such terms and conditions and with or without security as the Board of Directors may decide at its discretion, and that the Board of Directors be and is hereby empowered and authorized to decide, settle and / or finalize the terms and conditions of all such monies to be borrowed from time to time as to interest, tenure, repayment, or otherwise as it may think fit, subject to necessary terms & conditions.
2. To mortgage, to hypothecate and / or to create charge, in addition to the mortgages, hypothecations and / or charges created / to be created by the Company, in such form and manner and with such ranking as to priority and for such time and on such terms as the Board of Directors may determine, all or any of the movable and for immovable, tangible and / or intangible properties of the Company, both present and future and / or the whole or any part of the undertaking(s) of the Company together with a power to take over the management of the business and concern of the Company in certain events of default by the Company, in favour of the lender(s) / agent(s) for securing the borrowings of the Company availed / to be availed by way of loan(s), credit facilities, or the like (in foreign and / or Indian currency) from time to time, subject to the limits approved under Section 293(1)(d) of the Companies Act, 1956 (presently Rs 1000 Crore), together with interest at the respective agreed rates, additional interest, compound interest and in case of default, accumulated interest, liquidated damages, commitment charges, premia on pre-payment, all other costs, charges and expenses, including any, increase as a result of devaluation / revaluation / fluctuation in the rates of exchange and all other monies payable by the Company in terms of loan agreement(s) or any other agreement / document entered into / to be entered into between the Company and the lender(s) / agent(s) in respect of the said loans, credit facilities or borrowings and containing such specific terms and conditions and covenants in respect of enforcement of security as may be stipulated in that behalf and agreed to between the Board of Directors or Committee thereof and the lender(s) / agent(s), subject to necessary provisions & approvals.
The Company has appointed Shri. Jitendra Patnaik, a Company Secretary in whole-time practice, as the Scrutinizer for conducting the Postal Ballot process in a fair and transparent manner.
The Postal Ballot form duly completed should reach the scrutinizer on or before April 20, 2009. The scrutinizer will submit his report to the Chairman after completion of the scrutiny and the results of the postal ballot will be announced through press release. |
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