Nirlon - Outcome Of Board Meeting

Nirlon Ltd has informed that the Board of Directors of the Company at its meeting held on February 27, 2007, inter alia, have accorded to conduct a postal Ballot to seek the approval of the Members of the Company by a Special/ Ordinary Resolution for:1. To borrow money up to Rs 750.00 crore for development of real estate of the Company, where the money to be borrowed by the Company, will exceed the aggregate of the paid up capital of the Company and its free reserves u/s. 293 (1) (d) of the Companies Act, 1956.2. To create a charge / mortgage on the Companys immovable property situate at Goregaon in order to create security in favour of the lender in respect of the above borrowing u/s. 293 (1)(a) of the Companies Act, 1956.3. To confirm the appointment and remuneration of Mr. Kunal Sagar as Executive Vice Chairman w.e.f. February 01, 2006.