Precision Electronics Ltd has informed that the members at the 28th Annual General Meeting (AGM) of the Company held on August 20, 2007, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2007 and the Profit and Loss Account for the year ended on that date together with the Auditors Report and Directors Report thereon.
2. Re-appointment of Mr. Anant Kanoi & Brig. Joginder Singh (Retd.) as Directors of the Company.
3. Re-appointment of M/s. Rajendra K Goel & Co. Chartered Accountants, as Auditors of the Company for the year 2007-08 to hold office until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms and conditions.
4. Increase the remuneration payable to Shri. Vidhur Kanodia, Chief officer (IT) of the Company w.e.f. October 01, 2007, on terms & conditions.
5. Authority to the Board of Directors to borrow money, from time to time /, from any bank / financial institution / lenders, in any form or manner or tranches, whether unsecured or secured, on such terms and conditions as may be decided by the Board from time to time, notwithstanding that the moneys to be borrowed together with moneys already borrowed by the Company {apart from the temporary loans obtained / to be obtained from the Companys bankers in the ordinary course of business} exceed the aggregate of paid up share capital and free reserves of the Company, provided that the total amount of the borrowing by the Board, at any time, shall not exceed the limit of Rs 100 Crore.
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