Hindustan Organic Chemicals Ltd has informed that the members at the 46th Annual General Meeting (AGM) of the Company held on September 28, 2007, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet of the Company as on March 31, 2007 and the Profit & Loss Account for the period ended March 31, 2007, alongwith the Reports of the Directors and the Auditors thereon.
2. Appointment of Shri. Mathew C Kunnumkal, IAS Additional Secretary & Financial Adviser in the Department of Chemicals and Petrochemicals, as Director of the Company to hold office from the conclusion of this AGM till the conclusion of next AGM of the Company.
3. Re-appointment of Shri K C Misra, IAS, Joint Secretary, as Director of the Company to hold office from the conclusion of this AGM till the conclusion of next AGM of the Company.
4. Increased in the Authorised Share Capital of the Company from Rs 350,00,00,000 (Rs. Three Hundred Fifty Crore) divided into 10,00,00,000 (Ten crore) Equity shares of Rs 10 each and 25,00,00,000 (Twenty Five Crore) Preference Shares of Rs 10/- each to Rs 370,00,00,000 (Rs Three Hundred and Seventy crore) divided into 10,00,00,000 (Ten crore) Equity shares of Rs 10 each ranking pari-passu with the existing shares in the Company and 27,00,00,000 (Twenty Seven crore ) [by additional creation of 2 crore Preference Shares in addition to the existing Preference Shares of 25,00,00,000] 8% non cumulative redeemable preference shares of Rs 10 each, redeemable @ 20% each year from 4 year onwards & consequential amendments in Memorandum & Articles of Association of the Company.
5. Authority to Board to the Board to issue 2,00,00,000 (Two crores) 8% non cumulative preference shares of Rs 10 each redeemable @ 20% each year from 4 year onwards in favour of the President of India, as and when the amounts for the purpose are received from the Govt. subject to the terms and conditions therein, if any.
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