Mahindra Ugine - Outcome Of AGM

Mahindra Ugine Steel Company Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on July 26, 2007, inter alia, have approved the followings:

1. Audited Annual Accounts of the Company for the Year 2006-07.

2. Noting of Interim Dividend paid on 7% Cumulative Redeemable Preference Shares of Rs l00/ each.

3. Noting of Interim Dividend paid @ 20% on Equity Shares of Rs 10/- each.

4. Declaration of Final Dividend @ 25% on Equity Shares of Rs 10/- each.

5. Reappointment of Mr. Keshub Mahindra, Mr. M R Ramachandran and Mr. N V Khote as Director of the Company.

6. Appointment of Messrs. A F Ferguson & Co. Chartered Accountants, as Statutory Auditors of the Company.

7. Confirmation of Appointment of Mr. Deepak Dheer, Mr. Rajeev Dubey and Mr. K B Saha as Directors of the Company, who were appointed as additional directors of the Company.

8. Appointment of Mr. Deepak Dheer, as an Executive Director of the Company.

9. Increase in Borrowing Power / Mortgaging, Charging undertaking(s) from Rs 150 Crores to Rs 500 Crores of the Company.

10. Increase in the Authorised Capital of the Company from Rs 65 Crores to Rs 150 Crores.11. Variation / Amendment to the Employees Stock Option Scheme of the Company.