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| Exchange Disseminated Time | India Glycols Ltd has informed BSE that the members at the Extra Ordinary General Meeting (EGM) of the Company held on April 24, 2009, inter alia, have accorded to the following:
1. Revision of remuneration of Shri. U S Bhartia, Chairman and Managing Director, as approved at the time of his appointment w.e.f. November 29, 20006 vide shareholder’s resolution dated August 12, 2006 approving the appointment of Shri. U S Bhartia as Managing Director for the period of 5 years, as payable for a period not exceeding 3 years w.e.f. April 01, 2009, on remuneration, terms & conditions.
2. Revision of remuneration of Shri. M K Rao, Executive Director, as approved at the time of his appointment w.e.f. May 01, 2008 vide shareholder’s resolution dated August 14, 2008 approving the appointment of Shri. M K Rao as Executive Director for the period of 5 years, as payable for a period not exceeding 3 years w.e.f. May 01, 2008, on remuneration, terms & conditions.
3. Appointment of Ms. Pragya Bharta as President of the Company with effect from August 01, 2008 to deal with Business Development and Strategy Planning of various on going projects and day to day affairs of the Company, on remuneration, terms & conditions.
4. Authority to the Board to authorise to receive remuneration by way of commission every year such sum or sums and in such manner as may be decided by the Board, not exceeding 1% per annum of the net profits of the Company, to be paid and distributed amongst the Directors of the Company (other than Managing Directors and Executive Directors) and such payment shall be made out of the profits of the Company for each year for a period of five years commencing from April 01, 2009, subject to necessary terms & conditions. |
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