Pioneer Embroideries - Outcome Of AGM

Pioneer Embroideries Ltd has informed that the members at the 14th Annual General Meeting (AGM) of the Company held on December 29, 2006, inter alia, have approved the following businesses:1. Approval of the Annual Accounts for the year ended on March 31, 2006.2. Declaration of Dividend @ 15% on Equity Shares of the Company.3. Voluntary Delisting of Equity Shares of the Company from the Stock Exchanges at Delhi, Ahmedabad and Calcutta.4. Appointment of Mr. Ajay Kumar Agrawal as the Whole-time Director of the Company designated as Executive Director of the Company.5. Increase in remuneration payable to Mr. Harsh Vardhan Bassi as the Executive Director of the Company.6. Payment of remuneration to Non-Executive Directors by way of Commission on Net Profits of the Company.7. Increase in Borrowing Powers of the Board u/s 293(1) (d) of Companies Act, 1956 from Rs 200 crore to Rs 500 crore.8. Increase in the powers of the Board to Mortgage / create charge u/s 293(1) (a) of the Companies Act, 1956.9. Increase in Authorised Share Capital of the Company from Rs 21 crore to Rs 25 crore.10. Issue of Share Warrants to Promoters and persons Other than Promoters on Preferential basis; and11. Issue of FCCB / ADR / GDR / Other Securities linked to Equity Shares.