Precision Wires India Ltd has informed that the members at the Annual General Meeting (AGM) of the Company held on September 26, 2007, inter alia, have accorded the following:
1. Adopted the Balance Sheet as at March 31, 2007 and the Profit & Loss Account for the year ended on that date and the Reports of the Directors and Auditors thereon.
2. Approved Final Dividend @ 35% on Equity Shares.
3. Reappointed Shri. P N Vencatesan & Shri. P R Merchant as Directors.
4. Reappointed S R Divatia & Co Chartered Accountants as the Auditors of the Company.
5. Reappointed Shri. Deepak M Mehta as Whole-time Director of the Company, for a period of Three Years with effect from August 01, 2007 to July 31, 2010 on remuneration and the terms & conditions as set out in the notice of AGM.
6. Authorised the Board of Directors of the Company for borrowing from time to time, any sum or sums of money for the purpose of the Companys business, together with the sums already borrowed, in excess of the aggregate of the paid-up capital of the Company and its free reserves provided however the sums so borrowed and remaining outstanding on account of principal shall not at any time, exceed Rs 500 Crores.
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