Elgi Equipments - Outcome Of AGM

Elgi Equipments Ltd has informed that the members at the 47th Annual General Meeting (AGM) of the Company held on July 28, 2007, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet & Profit and Loss Account for the year ended March 31, 2007 and the Auditors Report and Directors Report thereon.

2(a). In accordance with the recommendation of the Board the Dividend of 100% declared for the whole financial year 2006-07, out of which 50% Interim Dividend had already been paid on November 20, 2006, on fully and partly paid equity shares of the Company.

further resolved that, the Interim dividend at the rate of 50% on fully and partly paid shares of the Company, declared by the Board of Directors, is ratified and approved.

3. Re-appointment of Dr. T Balaji Naidu, Sri. M Ramprasad & Sri. B Vijayakumar, as Directors of the Company.

4. Re-appointment of M/s. RJC Associates, Chartered Accountants, Coimbatore as Auditors of the Company to hold office till the conclusion of the next Annual General Meeting of the Company, on remuneration terms & conditions.

5. The members of the Company by way of Postal Ballot have passed the following resolutions with majority votes:

- Authority to the Board of Directors of the Company (the Board) to sell, transfer, assign or otherwise dispose off the Companys undertaking relating to Automotive Equipments Division (the Undertaking) comprising of all fixed assets, movable assets and other current assets and liabilities of the undertaking to M/s. ATS Elgi Ltd (Buyer), a wholly owned subsidiary Company, as a going concern, by way of Itemised Sale Method, in one or more lots, for an aggregate amount which shall not be less than Rs 150 Million on such other conditions and with effect from such date as may be agreed to between the Board and the Buyer in the best interests of the Company, subject to necessary provisions & approvals.