Nelcast Ltd has informed that the members at the 26th Annual General Meeting (AGM) of the Company held on May 31, 20008, inter alia, have accorded the following:
1. Adoption of the Audited Balance Sheet as at March 31, 2008 together with the Profit and Loss Account for the year ended on that date and the Report of the Auditors and of the Directors thereon.
2. Declaration of the Dividend of 30% on Equity Shares together with the Dividend Tax, to the Equity Shareholders of the Company.
3. Re-appointment of Mr. P Radhakrishnan Reddy & Mr. Mohan Reddy as Director of the Company.
4. Appointment of M/s. J B Reddy & 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. P Vijaya Bhaskar Reddy as Deputy Managing Director of the Company for a period of three years from April 01, 2008 to March 31, 2011, on remuneration, terms & conditions.
6. Authority to the Board for borrowing from time to time, any sum or sums of monies, which together with the monies already borrowed by the Company (apart from temporary loans obtained or to be obtained from the Companys Bankers in the ordinary course of business) may exceed 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 that, the total amount so borrowed shall not at any time, exceed the limit of Rs 200,00,00,000 (Rupees Two hundred crores only), subject to necessary provisions & approvals.
7. Authority to the Board to mortgage and / or to charge, create on such movable or immovable properties as collateral security for securing any credit facilities to the consortium of bankers by creating charge by way of deposit of title deeds to and in favour of consortium on the immovable properties of the Company, in the normal course of business, subject to the necessary provisions & approvals.
1. Adoption of the Audited Balance Sheet as at March 31, 2008 together with the Profit and Loss Account for the year ended on that date and the Report of the Auditors and of the Directors thereon.
2. Declaration of the Dividend of 30% on Equity Shares together with the Dividend Tax, to the Equity Shareholders of the Company.
3. Re-appointment of Mr. P Radhakrishnan Reddy & Mr. Mohan Reddy as Director of the Company.
4. Appointment of M/s. J B Reddy & 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. P Vijaya Bhaskar Reddy as Deputy Managing Director of the Company for a period of three years from April 01, 2008 to March 31, 2011, on remuneration, terms & conditions.
6. Authority to the Board for borrowing from time to time, any sum or sums of monies, which together with the monies already borrowed by the Company (apart from temporary loans obtained or to be obtained from the Companys Bankers in the ordinary course of business) may exceed 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 that, the total amount so borrowed shall not at any time, exceed the limit of Rs 200,00,00,000 (Rupees Two hundred crores only), subject to necessary provisions & approvals.
7. Authority to the Board to mortgage and / or to charge, create on such movable or immovable properties as collateral security for securing any credit facilities to the consortium of bankers by creating charge by way of deposit of title deeds to and in favour of consortium on the immovable properties of the Company, in the normal course of business, subject to the necessary provisions & approvals.
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