Gujarat NRE Coke Ltd has informed that the Board of Directors of the Company at its meeting held on March 27, 2008, inter alia, has passed the following resolutions:
1। Allotment of Secured Non-Convertible Redeemable Debentures amounting Rs 100 crores to Axis Bank Ltd.
2। Allotment of 25,00,000 Equity shares of Rs 10/- each at a price of Rs 120/- each (including a premium of Rs 110/- per share) consequent upon exercise of option to convert Warrants by M/s. Vartika Traders Pvt Ltd.
3। Payment of Directors Remuneration of 1% of net profits of the Company for a period of 3 years commencing from April 01, 2007 to be equally divided amongst Non-Executive Directors subject to approval of the shareholders.
4. Revision in remuneration of Mr. A K Jagatramka, Vice Chairman & Managing Director, by inclusion of payment of 1% of net profits of the Company commencing from April 01, 2007 to his existing remuneration for the remaining tenure of his appointment.
5. Revision of remuneration of Mr. R P Jain, Executive Director for the remaining tenure of his appointment.
1। Allotment of Secured Non-Convertible Redeemable Debentures amounting Rs 100 crores to Axis Bank Ltd.
2। Allotment of 25,00,000 Equity shares of Rs 10/- each at a price of Rs 120/- each (including a premium of Rs 110/- per share) consequent upon exercise of option to convert Warrants by M/s. Vartika Traders Pvt Ltd.
3। Payment of Directors Remuneration of 1% of net profits of the Company for a period of 3 years commencing from April 01, 2007 to be equally divided amongst Non-Executive Directors subject to approval of the shareholders.
4. Revision in remuneration of Mr. A K Jagatramka, Vice Chairman & Managing Director, by inclusion of payment of 1% of net profits of the Company commencing from April 01, 2007 to his existing remuneration for the remaining tenure of his appointment.
5. Revision of remuneration of Mr. R P Jain, Executive Director for the remaining tenure of his appointment.
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