Shree Ajit Pulp & Paper Ltd has informed that the members at the Extra Ordinary General Meeting (EGM) of the Company held on February 04, 2008, inter alia, have accorded the following:
1. Authority to the Board to borrow any sum or sums of money including Non Fund based facilities from time to time at their discretion, for the purpose of the business of the Company, from any one or more Banks and / or Financial Institutions notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Companys Bankers in the ordinary course of the business) may at any time, exceed upto a sum of Rs 40 crores (Rs Forty Crores ) over and above the aggregate of the then paid up capital of the Company and its free reserves (that is to say reserves not set apart for any specific purpose) and that the Board of Directors be and is hereby empowered and authorized to arrange or fix the terms and conditions of all such monies to be borrowed from time to time as to interest, repayment, security or otherwise as they may, in their absolute discretion think fit, subject to necessary provisions & approvals.
1. Authority to the Board to borrow any sum or sums of money including Non Fund based facilities from time to time at their discretion, for the purpose of the business of the Company, from any one or more Banks and / or Financial Institutions notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Companys Bankers in the ordinary course of the business) may at any time, exceed upto a sum of Rs 40 crores (Rs Forty Crores ) over and above the aggregate of the then paid up capital of the Company and its free reserves (that is to say reserves not set apart for any specific purpose) and that the Board of Directors be and is hereby empowered and authorized to arrange or fix the terms and conditions of all such monies to be borrowed from time to time as to interest, repayment, security or otherwise as they may, in their absolute discretion think fit, subject to necessary provisions & approvals.
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