Lakshmi Mills Company Ltd has informed that the members at the 97th Annual General Meeting (AGM) of the Company held on August 30, 2007, inter alia, have accorded to the following:
1. Adoption of the Audited Profit and Loss Account, Directors and Auditors Report for the year ended March 31, 2007 and the Balance Sheet as at that date.
2. Declaration of Dividend of 12% on the Paid-up Capital of the Company for the year ended March 31, 2007.
3. Re-appointment of Sri. V Jagannathan, Sri. V S Velayutham & Sri. Satish Ajmra, as Directors of the Company.
4. Re-appointment of M/s. Subbachar & Srinivasan and M/s. Fraser & Ross 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. Re-appointment of Sri. K Sundaram as Chairman and Managing Director of the Company for a period of three years & payment of remuneration with effect from April 01, 2008, on terms & conditions.
6. Authority to the Board of Directors for borrowing for the purposes of business of the Company from time to time such sum or sums of money by way of loans, advances, credits or otherwise either secured or unsecured by the assets of the Company upto a sum not exceeding Rs 300 crore notwithstanding the fact that the said figure of Rs 300 crore exceeds the aggregate of the Paid-up Capital and its free reserves that is to say, reserves not set apart for any specific purpose for the time being.
Lakshmi Mills Company Ltd
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