Garden Silk - Outcome Of AGM

Garden Silk Mills Ltd has informed that the members at the 28th Annual General Meeting (AGM) of the Company held on November 13, 2007, inter alia, have accorded the following:

1. Adoption of the Audited Balance Sheet as at June 30, 2007 and the Profit and Loss Account for the year ended on that date, together with the Reports of the Directors and Auditors thereon.

2. Declaration of payment of dividend at the rate of Rs 1.50 per Equity Share of Rs 10 each for the year ended June 30, 2007.

3. Re-appointment of Mrs. Shilpa P Shah, Mr. Alok P Shah, Mr. Yatish Parekh & Mr. Rajen P Shah as Directors of the Company.

4. Re-appointment of M/s. Natvarlal Vepari & Co., Chartered Accountants, as Auditors of the Company, to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting of the Company, on remuneration, terms & conditions.

5. Appointment of Mr. Suhail P Shah, as Wholetime Director designated as Executive Director of the Company, with substantial powers of management as Executive Director for a period of 5 (five) years with effect from December 01, 2007, on remuneration, terms & conditions.

6. Increase in remuneration of Mr. Praful A Shah as Managing Director of the Company w.e.f. December 01, 2007 for the balance period of his current tenure ending on August 31, 2008, on terms & conditions.

7. Revised remuneration of Mr. Alok P Shah, Wholetime Director with effect from December 01, 2007 for the remaining period of his tenure of office i.e. upto December 31, 2009, on terms & conditions.