JSW Steel Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on December 28, 2007, inter alia, have accorded the following:
1. Appointment of Mr. Y Siva Sagar Rao as a Director of the Company, liable to retire by rotation.
2. Appointment of Mr. Y Siva Sagar Rao a Wholetime Director of the Company, designated as Joint Managing Director & CEO, for a period of three years, with effect from July 24, 2007, on remunerations, terms & conditions.
3. Authority to the Board for borrowing from time to time any sum or sums of money on such security and on such terms and conditions a the Board may deem fit notwithstanding that the money to be borrowed together with the money already borrowed by the Company (apart from temporary loans obtained or to be obtained from the Companys bankers in the ordinary course of business) including rupee equivalent of foreign currency loans(such rupee equivalent being calculated at the exchange rate prevailing as on the date of the relevant foreign currency agreement) may exceed, at any time, the aggregate of the paid up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided however, the total amount so borrowed in excess of the aggregate of the paid-up capital of the Company and its free reserves shall not at any time exceed Rs 1,50,00,00,00,000/- (Rupees fifteen thousand crores only), subject to necessary provisions & approvals.
1. Appointment of Mr. Y Siva Sagar Rao as a Director of the Company, liable to retire by rotation.
2. Appointment of Mr. Y Siva Sagar Rao a Wholetime Director of the Company, designated as Joint Managing Director & CEO, for a period of three years, with effect from July 24, 2007, on remunerations, terms & conditions.
3. Authority to the Board for borrowing from time to time any sum or sums of money on such security and on such terms and conditions a the Board may deem fit notwithstanding that the money to be borrowed together with the money already borrowed by the Company (apart from temporary loans obtained or to be obtained from the Companys bankers in the ordinary course of business) including rupee equivalent of foreign currency loans(such rupee equivalent being calculated at the exchange rate prevailing as on the date of the relevant foreign currency agreement) may exceed, at any time, the aggregate of the paid up capital of the Company and its free reserves, that is to say, reserves not set apart for any specific purpose, provided however, the total amount so borrowed in excess of the aggregate of the paid-up capital of the Company and its free reserves shall not at any time exceed Rs 1,50,00,00,00,000/- (Rupees fifteen thousand crores only), subject to necessary provisions & approvals.
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