Ambika Cotton declares dividend at rate of 25%

04 Oct '07

3 min read

Ambika Cotton Mills Ltd has informed that the members at the 19th Annual General Meeting (AGM) of the Company held on September 28, 2007, inter alia, have accorded to the following:
1. Adoption of the Audited Balance Sheet of the Company as at March 31, 2007 and Profit and Loss Account for the year ended on that date and reports of the Directors and Auditors thereon.

2. Declaration of dividend at the rate of 25% (Rs 2.50 Per share).

3. Re-appointment of Sri. Srinivas Baratam, as a Director of the Company.

4. Re-appointment of M/s. L Venkatasubbu & Co, Chartered Accountants, Coimbatore as Auditors until the conclusion of the next AGM of the Company, on remuneration, terms and conditions.

5. Remuneration to Sri. P V Chandran Chairman cum Managing Director of the Company, on terms & conditions.

6. Authority to the Board to mortgage and or charge all the movable and immovable properties of the Company to secure the amount borrowed by the Company by way of Term loan from UCO Bank under TUFS (Technology upgradation Fund Scheme) not exceeding an amount of Rs 28.42 crores to meet part cost of the expansion of the productive capacity of Unit III by 10080 spindles with back processing machinery for compact yarn and modernization of Unit II undertaken and being completed by the Company, subject to necessary provisions & approvals.

7. Authority to the Board to mortgage and or charge all the movable and immovable properties of the Company to secure the amount borrowed by the Company by way of Term loan from Bank of Baroda under TUFS (Technology Upgradation Fund Scheme) not exceeding an amount of Rs 50.00 crores to meet part cost of the setting up of the new Unit viz Unit IV for manufacture of compact yarn and modernization of Unit II undertaken and being implemented by the Company, subject to necessary provisions & approvals.

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