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| Exchange Disseminated Time | SEL Manufacturing Company Ltd has informed BSE that the members at the 11th Annual General Meeting (AGM) of the Company held on July 05, 2011, inter alia, have accorded to the following:
1. Adoption of the Balance Sheet for the financial year ended March 31, 2011 and the Profit & Loss Account for the financial year ended on that date together with the report of Directors & Auditors thereon.
2. Re-appointed Mr. Dhiraj Saluja, Mr. Sanjiv Garg and Mr. Ranjan Madaan as Directors of the Company, liable to retire by rotation.
3. Appointed M/s. Dass Khanna & Co., Chartered Accountants the retiring Auditors as Statutory Auditors of the Company to hold office till the conclusion of the next Annual General Meeting and authority to Board to appoint Branch Auditor(s) of any branch office(s) of the Company, present and future, in India or abroad, in consultation with the Company’s Auditors.
4. Confirmed the re-appointment of Mr. Navneet Gupta as Executive Director of the Company for a further period of three years.
5. Authority to Board pursuant to the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 to create, offer, issue and allot upto 1,85,00,000 Equity warrants convertible into equity shares on preferential basis to the Promoters of the Company as mentioned in the Resolution.
6. Authority to Board pursuant to the provision of Section 149(2A) of the Companies Act, 1956 to commence all or any of the business(es) at such time or times as the board may deem fit in the interest of the Company, as mentioned under the sub-clause 18, 25 and 34 of "Other Objects" clause of the Memorandum of Association of the Company. The said objects relate mainly to glass products, plywood, steel, steel products etc.
7. Increased the Authorised Share Capital of the Company to Rs. 400.00 Crores from the present Authorised Share Capital of Rs. 250.00 Crores and also to make necessary amendments in the Memorandum of Association of the Company.
8. Authority to the Board to raise funds for the Company by way of issue of securities, including Global Depositary Receipts (GDRs) and/or American Depositary Receipts (ADRs) convertible into equity shares, Foreign Currency Convertible Bonds (FCCBs) or any instrument or securities representing convertible securities such as convertible debentures, bonds or warrants etc. convertible into equity shares, in one or more tranches, in Indian or Foreign Market(s) as applicable, whether optionally or otherwise or any combination thereof ('Securities') to such investors including domestic//foreign investors, institutions, financial institutions and/or corporate bodies, mutual funds, banks, insurance companies, foreign institutional investors, trusts, Mutual Funds, Venture Capital Funds, Non-Resident Indians and/or individuals or otherwise, to Qualified Institutional Buyers ("QIBs") under Qualified Institutions Placement ("QIP") under Chapter VIII of the SEBI ICDR Regulations or a combination of the foregoing, whether or not such persons/entities/investors are members of the company, upto an aggregate amount not exceeding Rs. 1500.00 Crores (Rs. One Thousand Five Hundred Crores) only or any equivalent thereof in foreign currency.
9. Confirmed the change of designation of Sh. Dhiraj Saluja from whole time Director to Joint Managing Director of the Company.
10. Confirmed the increase in remuneration to Sh. Neeraj Saluja as the Managing Director of the Company. |
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