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| Exchange Disseminated Time | GTN Textiles Ltd has informed BSE that the members at the 5th Annual General Meeting (AGM) of the Company held on July 31, 2010, inter alia, have accorded to the following:
1. 1. Adoption of the Audited Balance Sheet as at March 31, 2010 and the Profit & Loss Account for the year ended on that date together with Reports of the Board of Directors and Auditors thereon.
2. Re-appointment of Shri. R Rajagopalan & Shri. C D Thakker as Directors of the Company.
3. Re-appointment of M/s. M S Jagannathan & Visvanathan, the retiring Auditors, as Statutory Auditors of the Company from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration terms & conditions.
4. Re-appointment of Shri B K Patodia as Managing Director of the Company, for a period of five years with effect from December 19, 2010, on remuneration terms and conditions.
5. Authority to Board for creating such charges, mortgages and hypothecations in addition to the existing charges, mortgages and hypothecations created by the Company, on such movable and immovable properties of the Company wheresoever situate, both present and future and of conferring power to enter upon and to take possession of the assets of the Company in certain events, to or in favour of Central Bank of India and Axis Bank Ltd to secure on pari passu first charge basis:
i) Rupee Term loan of Rs 1500 lakhs (Rupees one thousand five hundred lakhs only) lent and advanced by Central Bank of India (CBI) to the Company and;
ii) Rupee Term Loan of Rs.500 lakhs (Rupees five hundred lakhs only) lent and advanced by Axis Bank Ltd (Axis Bank) to the Company. |
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