Apar Industries - Outcome Of AGM

Apar Industries Ltd has informed that the Equity Shareholders at the 18th Annual General Meeting (AGM) of the Company held on August 09, 2007, have approved the following ordinary / special business:

1. Adoption of the audited Annual Accounts for the year 2006-2007.

2. a. Confirmation of the interim dividend aggregating to Rs 1.50 per share already paid on Equity Shares and Participating Preference Shares for the year 2006-07 and;

b. Declaration of Final dividend at Rs 2.00 per share on 32,336,031 Equity Shares for the year 2006-07.

3. Re-appointment of Mr. H N Shah, Mr. M M Patel and Mr. V A Gore as Directors of the Company.

4. Appointment of M/s. Price Waterhouse, Chartered Accountants as Statutory Auditors of the Company in place of M/s. RSM & Co., Chartered Accountants.

5. Re-appointment of Shri. Kushal N Desai as Managing Director of the Company for a period of 5 years with effect from January 01, 2007 to December 31, 2011 with revision in remuneration.

6. Re-appointment of Shri. Chaitanya N Desai as Joint Managing Director of the Company for a period of 5 years with effect from January 01, 2007 to December 31, 2011 with revision in remuneration.

7. Approval of Employee Stock Option Scheme called ESOS 2007.