Everest Industries - Outcome Of AGM

Everest Industries Ltd has informed that the members at the 74th Annual General Meeting (AGM) of the Company held on July 27, 2007, inter alia, have accorded to the following:

1. Adoption of the audited Balance Sheet as at March 31, 2007 and Profit and Loss Account of the Company for the Financial Year ended on that date together with the Auditors Report thereon and the Directors Report.

2. Declaration of Dividend at the rate of 40% (Rs 4/- per Equity Share) for financial year ended March 31, 2007.

3. Appointment of Mr. Aditya Vikram Somani as a Director of the Company.

4. Appointment of M/s. Deloitte Haskins & Sells, Chartered Accountants, as Statutory Auditors of the Company to hold office from the conclusion of this Annual General Meeting till the conclusion of the next Annual General Meeting of the Company on remuneration, terms & conditions.

5. Appointment of Mr. Sandeep Junnarkar and Mr. Naga Veera Srinivasa Rao Yenduri as Directors of the Company, liable to retire by rotation.

6. Appointment and remuneration of Mr. Naga Veera Srinivasa Rao Yenduri (known as Mr. Y Srinivasa Rao) as Whole-time Director and designated Executive Director (Operations) of the Company for a period of five years with effect front April 23, 2007 upto April 22, 2012, on terms & conditions.

7. Authority to the Board to grant to such employees as are in the permanent employment of the Company in the management staff, at the time the grant is made including to the Managing / Whole-time Directors of the Company, as may be decided solely by the Board, not exceeding 180,000 Options under the Employees Stock Option Scheme (ESOS) during the financial year 2007-2008, each such Option being convertible into one Equity Share of face value of Rs 10/- each on payment of such exercise price as may be decided by the Board