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| Exchange Disseminated Time | Sumeet Industries Ltd has informed BSE that the members at the Annual General Meeting (AGM) of the Company held on September 26, 2011, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2011 And Profit and Loss Account for the year ended on that date and the Report of Auditors' thereon.
2. Declaration of Dividend of 10% on equity Shares, as Final Dividend for the year 2010-11.
3. Re-appointment of Shri B. C. Chordia & Shri Vinod Kumar Ladia, as Directors of the Company.
4. Appointment of M/s. Pradeep Singhi & Associates, Chartered Accountants, as Auditors of the Company to hold office until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & Conditions.
5. Re-appointment of Shri Dinesh Sharan Khare as Executive Director (Whole Time Director) of the Company for a period of 5 (Five) years with effect from December 16, 2011, on remuneration, terms & conditions.
6. Accorded to the Board of Directors, to borrow any sum or sums of monies, from any one or more Company’s bankers and/or from any one or more other Banks, Persons, Firms, Bodies corporate or Financial Institution, whether by way of term loans, advances or deposits, FCCB, ECB loans, or bills discounting, issue of debentures, furnishing of guarantees or otherwise and whether unsecured or secured by mortgage, charge, hypothecation, lien or pledge of the Company’s assets and properties, whether immovable or movable, and all or any of the undertaking(s) of the Company, for and on behalf of the Company from time to time of further sums of money for the purpose of the Company amounting in aggregate to a sum not more than Rs. 1000 Crores (Rupees one thousand crores) (excluding temporary loans obtained from the Company’s bankers in the ordinary course of business), that is to say, the total borrowings by the Board of Directors for and on behalf of the Company of an aggregate sum not exceeding Rs. 1000 Crores, exclusive of interest, notwithstanding that the monies to be borrowed together with monies already borrowed by the Company (apart from such temporary loans obtained or to be obtained from the Company’s bankers) will or may exceed the aggregate of the paid-up capital and its free reserves, that is to say, reserves not set apart for any specific purpose.
7. Accorded to the Board, to mortgage, hypothecate and/or charge in addition to the existing mortgages/ hypothecation/ charges created by the Company on such terms and conditions as the Board may deem fit, on all or any part of movable and/or immovable properties of the Company, wherever situate, both present and future, and/or the whole or substantially the whole of the undertaking of the Company in favour of any person including but not limited to banks, financial institutions, corporate bodies, trustees of debenture holders and / or any other lending agencies or other persons to secure the loans, debentures and other credit facilities together with interest, cost, charges, expenses and any other money payable by the Company up to a sum not exceeding Rs. 1000 Crores (Rupees one thousand crores).”
8. Authority to the Board, to create, offer, issue and allot up to 50,00,000 (Fifty Lacs) Equity Warrants on a preferential basis to the Promoters / Promoters Group(s), entitling the warrant holder with an option to apply for and be allotted one fully paid up equity share of face value of Rs.10/- each against one warrant, at a conversion price including premium being a price not less than the price to be arrived at as per SEBI (ICDR) Regulations, 2009 on the relevant date, being the date 30 (thirty) days prior to the date of passing of this resolution by the members in the Annual General Meeting, on such terms and conditions, as may be finalized by the Board of Directors, in accordance with guidelines/rules applicable to preferential allotment of the Equity Warrants, as the case may be, and/or any modification thereof, subject to the necessary provision and approvals.
9. Accorded for raising the ceiling of 24% of the total paid up capital of the company on investment in securities by Financial institutional investor (FIIs) as stated under erstwhile master circular on foreign investment in India by Reserve Bank of India to 49% of the Paid Up Equity Share Capital of the Company subject to the condition that the holding of any single Eli or each SEBI approved sub- account of a FII or the concerned FII group does not exceed 10% of the Paid up capital of the Company. |
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