Gujarat Craft Industries Ltd has informed that the members at the 23rd Annual General Meeting (AGM) of the Company held on September 06, 2007, inter alia, have accorded the following:
1. Adoption of the Directors Report including Report on Corporate Governance, the Audited Profit and Loss Account and the Balance Sheet as on that date along with the Auditors Report of the Company for the year ended on March 31, 2007.
2. Re-appointment of Shri. Binod Chhajer as a Director of the Company, liable to retire by rotation.
3. Appointment of M/s. Kantilal Patel & Co., Chartered Accountants, Ahmedabad as Auditors of the Company to hold office until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.
4. Authority to the Board to mortgage or charge by the Board of Directors of the Company of all the immovable and movable properties of the Company wheresoever situated, present and future, and / or conferring power to enter upon and to take possession of assets of the Company in certain events, to or in favour of State Bank of India (the Bank) to secure Financial Assistance of Rs 750 lacs lent and advanced / agreed to be lent / advanced to the Company by the Bank together with interest thereon at the agreed rate, compound interest, additional interest, liquidated damages, costs, charges, expenses and other monies payable by the Company to the Bank under the Agreements entered into / to be entered into by the Company in respect of the said Financial Assistance, subject to necessary provisions & approvals.
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