Jhunjhunwala Vanaspati Ltd has informed that the Board of Directors of the Company at its meeting held on September 05, 2007, inter alia, has transacted the following business for the approval of members at the Annual General Meeting of the Company to be held on September 29, 2007.
1. Recommended the dividend @ 15% for approval of members for the year ending on March 31, 2007.
2. Decided to obtain approval of members for re-appointment Shri. S K Dikshit and Shri. Mahesh Kedia, Directors retiring by rotation.
3. Decided to obtain approval of members for appointment of Mr. Adarsh Jhunjhunwala, Mr. Kanhaiya Lal Goenka and Mr. Shyam Poddar as regular director to retire by rotation. They being additional directors retires on the date of Annual General Meeting.
4. Recommended re-appointment of M/s. Garg & Company, Chartered Accountants as Auditors of the Company for the financial year 2007-08 and to hold office from the conclusion of this meeting until the conclusion of next Annual General Meeting.
5. Proposed to increase the authorised capital of the Company from Rs 17,55,00,000/- to Rs 22,55,00,000/-.
6. Decided to be authorised in AGM to raise an amount upto USD 30 Million by way of FCCBS / ADR / GDR or and other financial instruments as per requirement.
7. Decided to issue 70,00,000 warrants at a price of Rs 80 per warrant (including premium of Rs 70 each) convertible into equity on a preferential basis to the following persons:
i. M/s. Jhunjhunwala Gases (P) Ltd (Varanasi) - Promoter Group - 15,50,000 No of Warrants
ii. M/s. Nilambar Trexim & Credit (P) Ltd, (Kolkata) - Promoter Group - 9,50,000 No of Warrants
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