Borosil Glass AGM outcome

Borosil Glass Works Ltd., informed the BSE that members at 43rd the Annual General Meeting (AGM) of the company held on 25 August 2006, inter alia, have agreed to the following:
1. The re-appointment…

Borosil Glass Works Ltd., informed the BSE that members at 43rd the Annual General Meeting (AGM) of the company held on 25 August 2006, inter alia, have agreed to the following: 1. The re-appointment of B. K. Kheruka as director of the company, liable to retire by rotation. 2. The vacancy in the Board of Directors of the company, created by the death of V. N. Nadkarni, director, liable to retire by rotation at the meeting, not be filled. 3. The appointment of Chaturvedi & Shah, Chartered Accountants, as auditors of the company to hold the office as of the conclusion of this Meeting until the conclusion of the next Annual General Meeting on remuneration, terms and conditions. 4. Authority to Board the creation of such mortgages and charges in addition to existing mortgages and charges created by the company in such form and manner as the Board may decide on such assets of the company wherever situate including Company“s rights as Lessee on land and building acquired on lease from Vyline Glass Works Ltd., both present and future, in favour of Indusind Bank Ltd., in such form and manner as may be agreed to by the Board of Directors and said bank to secure working capital facilities of up to INR 5,000,000 together with interest, additional interest, liquidated damages, commitment charges, premium on prepayment or on redemption, costs, expenses and all other moneys payable by the company in terms of the Agreements/Letter of Sanction/Memorandum of Terms and Conditions entered into/to be entered into by the company in respect of the said working capital facilities, subject to necessary provisions and approvals. 5. Payment of commission on the net profits of the company to the directors of the company (other than managing director and whole time director of the company) as computed in the manner prescribed under Section 198 of the Companies Act, 1956.