GS Auto - Outcome Of Board Meeting

GS Auto International Ltd has informed that the Board of Directors of the Company at its meeting held on August 28, 2007, inter alia, has taken the following decisions:

1. The Annual General Meeting of the members of the Company will be held on September 28, 2007.

2. To make preferential allotment of Shares / Warrants / other financial instruments, to relatives and associates of promoters / promoters and / or strategic investors @ Rs 20/- per share or price that may be decided as per SEBI Guidelines, which ever is higher, subject to the passing of the same, by the Shareholders in the Annual General Meeting and also subject to the approval from the SEBI and to get in principal approval for further listing of Shares / Warrants / other financial Instruments from Stock Exchanges.

3. Authorized Sh. Surinder Singh Ryait, Managing Director of the Company, to reissue its Forfeited Equity Shares to relatives and associates of promoters / promoters and / or strategic investors or such other persons, at such price as he may deem fit.

4. To Delist its Equity Shares from the The Ludhiana Stock Exchange Association Ltd and The Ahmedabad Stock Exchange Association Ltd, subject to the approval of the same, from the Shareholders, in the Annual General Meeting.

5. In partial modification of the ordinary resolution dated December 29, 2005, to increase the salary of Sh. Jasbir Singh Ryait and Sh. Surinder Singh Ryait, Directors of the Company w.e.f. April 01, 2007, subject to the provisions of the Companies Act u/s 198, 269, 309/310 & 311, Schedule XIII and other applicable provisions, if any of the Companies Act, 1956, subject to the approval of the same, from the Shareholders, in the Annual General Meeting.

6. To increase the Borrowing powers of the Company, subject to the approval of the same, from the Shareholders, in the Annual General Meeting.

Source : www.indian-commodity.com