Orient Abrasives - Outcome Of AGM

Orient Abrasives Ltd has informed that the members at the 36th Annual General Meeting (AGM) of the Company held on September 20, 2007, inter alia, have accorded to the following:1. Adoption of the audited balance sheet as on March 31, 2007, Profit & Loss Account and the Cash Flow Statement for the year ended on that date together with the scheduled, notes and the reports of the Directors & the Auditors thereon.2. Re-appointment of Mr. Rajendra Kumar Rajgarhia as a Director of the Company.3. Declaration of dividend @ 70% on equity shares of Re 1/- each of the Company for the financial year 2006-07.4. Re-appointment of M/s. S R Batliboi & Co., Chartered Accountants, as Statutory Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.5. Appointment of Mr. Prem Prakash Khanna & Mr. Sudhir Kumar Samarendra as Directors of the Company, liable to retire by rotation.6. Appointment of Mr. Prem Prakash Khanna as Whole Time Director of the Company by the Board of Directors, designated as Executive Director, for a period of three years w.e.f. August 07, 2007, on remuneration, terms & conditions.7. Authority to the Board of Directors of the Company to borrow any sum or sums of money from time to time, on such terms & conditions and with or without security as the Board of Directors may deem fit from banks, financial institutions or any other kind of lenders notwithstanding that the money or money to be borrowed together with the money already borrowed by the Company (apart from temporary loans obtained from the Companys bankers in the ordinary course of business) may exceed the aggregate of the paid up share capital) of the Company and its free reserves, that its is to say, reserves not so set aside for any specific purposes, provided however that the total amount so borrowed and remaining outstanding at any particular time shall not exceed Rs 100 crores, subject to necessary provisions & approvals.