Pidilite Industries Ltd has informed that the members at the 38th Annual General Meeting (AGM) of the Company held on August 29, 2007, inter alia, have accorded to the following:
1. Adoption of the audited Balance Sheet as at March 31, 2007, the Profit and Loss Account and Cash flow Statement for the year ended on that date together with Directors Report and Auditors Report thereon.
2. Declaration of Dividend @ 150% for the year ended March 31, 2007 on Equity Shares of Re 1/- each.
3. Re-appointment of Shri. B K Parekh, Shri. S K Parekh, Shri. A B Parekh & Shri. Yash Mahajan, as Directors of the Company, liable to retire by rotation.
4. Re-appointment of M/s. HariBhakti & Co., Chartered Accountants, Mumbai as Auditors of the Company to audit the accounts for the financial year 2007-2008 and also to carry out audit of Companys Branches / Depots / C&F Depots from the conclusion of this meeting till the conclusion of the next Annual General Meeting of the Company, on remuneration terms & conditions.
5. Appointment of Shri. V S Vasan, as a Director of the Company, liable to retire by rotation.
6. Appointment of Shri. V S Vasan as a Whole Time Director of the Company for a period of 2 years with effect from December 02, 2007, on remuneration, terms & conditions.
7. Authority to the Board for borrowing from time to time all such sums of monies as they may deem requisite for the purpose of the business of the Company notwithstanding that monies to be borrowed together with monies already borrowed by the Company (apart from the temporary loans obtained or to be obtained from the Companys bankers in the ordinary course of business) may exceed the aggregate for the time being of the paid-up capital of the Company and its free reserves, i.e. to say Reserves not set apart for any specific purpose, provided that the total amount of monies so borrowed by the Company shall not exceed Rs 10000 million outstanding at any time.
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