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| Exchange Disseminated Time | Morarjee Textiles Ltd has informed BSE that the members at the 15th Annual General Meeting (AGM) of the Company held on November 25, 2010, inter alia, have accorded the following:
1. Adoption of the Company's Audited Balance Sheet as at March 31, 2010 and the Profit and Loss Account for the year ended on that date together with the Reports of the Directors and Auditors thereon.
2. Re-appointment of Mr. Urvi A Piramal & Mr. Ranjan Sanghi as Directors of the Company.
3. Re-appointment of M/s. Shah & Co., Chartered Accountants, as Auditors of the Company for the current year ending March 31, 2011 to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting, on remuneration, terms & conditions.
4. Appointment of Mr. R K Rewari as a Director of the Company.
5. Appointment of M/s. D Dadheech & Co., Chartered Accountants, Mumbai as the Branch Auditors of the Company to audit the accounts in respect of Integra, a division of the Company for the year ending March 31, 2011 and to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting, on remuneration, terms & conditions.
6. Increase in the Authorised Share Capital of the Company comprising of Rs. 53,00,00,000/- (Rupees Fifty Three Crores only) divided into 4,30,00,000 (Four Crores Thirty Lacs) Equity Shares of Rs. 10/- (Rupees Ten) each aggregating to Rs. 43,00,00,000/- (Rupees Forty Three Crores only) and 10,00,000 (Ten Lacs) Preference Shares of Rs. 100/- (Rupees One Hundred) each aggregating to Rs. 10,00,00,000/- (Rupees Ten Crores only) to Rs. 70,00,00,000/- (Rupees Seventy Crores only) divided into 4,50,00,000 (Four Crores Fifty Lacs) Equity Shares of Rs. 10/- (Rupees Ten) each aggregating to Rs. 45,00,00,000/- (Rupees Forty Five Crores only) and 25,00,000 (Twenty Five Lacs) Preference Shares of Rs. 100/- (Rupees One Hundred) each aggregating to Rs. 25,00,00,000/- (Rupees Twenty Five Crores only) & consequential amendment in the Memorandum of Association of the Company.
7. Allotment of 15,00,000- 9% Cumulative Redeemable Non Convertible Preference Shares on a private placement basis:-
- Authority to the Board to create, offer, issue and allot 15,00,000 - 9% Cumulative Redeemable Non Convertible Preference Shares of Rs. 100/- each at par by way of a private placement and that such issue and allotment shall be made at such time or times in one or more tranche or tranches, and on such terms and conditions as the Board may in its discretion deem fit; subject to necessary provisions & approvals.
8. Reduction of Capital (Securities Premium Account) of the Company
- Pursuant to the provisions of Sections 78, 100 to 103 and other applicable provisions, if any, of the Companies Act, 1956 (including any statutory modifications or re-enactment thereof for the time being in force), Article 46 of the Articles of Association of the Company and subject to the confirmation of the Hon’ble High Court of Judicature at Bombay, a sum of Rs. 41,58,73,807/- (Rupees Forty One Crores Fifty Eight Lacs Seventy Three Thousand Eight Hundred and Seven only) presently standing to the credit of the Securities Premium Account of the Company be utilized, for adjusting the debit balance standing in Profit and Loss Account. |
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