Soma Textiles - Outcome Of AGM

Soma Textiles & Industries Ltd has informed that the members at the 69th Annual General Meeting (AGM) of the Company held on September 17, 2007, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2007 and the Profit & Loss Account for the year ended on that date together with the Reports of Directors and Auditors thereon.

2. Re-appointment of Shri. Ashok C Gandhi as a Director of the Company.

3. Appointment of M/s. Pipara & Company, Chartered Accountants, Ahmedabad, as 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.

4. Re-appointment of Shri. A K Somany as a Non-rotating Director of the Company, designated as Managing Director, who shall not be subject to retirement by rotation for a period of 3 (Three) years with effect from January 22, 2008 on remuneration, terms & conditions.

5. Authority to the Board for purchase / acquisition of Equity Shares of the Company by Non-Resident Indians (NRIs), Foreign Institutional Investors (FIIs) and other eligible Investors under the Investment Portfolio Scheme / Foreign Direct Investment Scheme of the RBI subject however, that such Investments in Equity Share Capital of the Company shall not exceed in aggregate 74% of the subscribed Equity Share Capital of the Company, subject to necessary provisions & Approvals.