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| Exchange Disseminated Time | NK Industries Ltd has informed BSE that the members at the 23rd Annual General Meeting (AGM) of the Company held on September 30, 2011, inter alia, have declared the following:
1. Adoption of the Director's Report including Report on Corporate Governance Audited Balance Sheet as at March 31, 2011, and Profit and Loss Account of the Company for the year ended on March 31, 2011.
2. Reappointment of Dr. Bharat J. Patel, as a Director of the Company, liable to retire by rotation.
3. Appointment of M/s. Chandulal M. Shah & Co., Chartered Accountants, Ahmedabad as Auditors of the Company to hold the office until conclusion of the next Annual General Meeting, on remuneration, terms & conditions.
4. To make another Reference to the Board for Industrial and Financial Reconstruction under Section 15 of the sick Industrial Companies (Special Provisions) Act, 1985.
5. To mortgage or charge by the I3oard of Directors of the Company of all the immovable and movable properties of the Company wheresoever situated, present and future, and/or conferring power to enter upon and to take possession of assets of the Company in certain events, to or in favour of any Bank, Financial Institution or any other lender to secure Financial Assistance that may he granted/lent/advanced/provided to the Company by such Bank, Financial Institution or such other lender together with interest thereon at the rate, compound interest, additional interest, liquidated damages, costs, charges, expenses and other monies payable by the Company to Bank. Financial or Institution or any such lender under Financial Assistance Agreement entered into or to he entered into by the Company in respect of the such Financial Assistance present or future.
6. To lease the whole or substantial the whole of the undertaking/s of the Company comprising of any of its factory, division, department, branch etc. or any substantial part of the properties of the Company wheresoever situated to any other Company, firm or other entities, and/or conferring the power to finalise the trems of such lease viz. period of lease, lease rental, other terms and conditions for lease and that Mr. Nimish K. Patel, Chairman & Managing Director and/or any one of the Directors of the Company jointly or severally authorised to enter into leasehold agreement with the concerned party and to secure the lease rentals for the benefit of the Company.
7. To borrow any sums of money, form time to time from any one or more of the Company's bankers and/or from any other persons, firms, bodies corporate or financial institutions whether by way of cash credit, advance or deposits, loans, debentures or bill discounting or otherwise whether unsecured or secured so that the moneys to be borrowed together with moneys already borrowed by the Company (apart from temporary loans obtained from Company's Bankers in the Ordinary course of business) will or may exceed the aggregate of the paid-up capital of the Company and its free reserves, however that the total amount upto which the moneys may be borrowed by the Board of Directors and outstanding at any time shall not exceed the sum of Rs. 200 Crores (Rupee two hundred crores Only).
8. To invest in securities/make loan/ give guarantee or provide security for a sum not exceeding Rs. 85 Crorcs (Rupees Eighty five crores only) to "AWN Agro Private Ltd’ (a Joint Venture Company between M/s. Adani Wilmar Ltd and M/s. N.K. Industries Ltd), and that the said investment in securities, loan, guarantee or security may be made or given in such manner and on such terms and conditions as may be deemed appropriate by the Board of Directors of the Company in the best interest of the Company. |
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