India Glycols AGM approves 30% dividend

India Glycols Ltd has announced that the members at the 22nd Annual General Meeting (AGM) of the Company held on August 12, 2006, inter alia, has approved the payment of dividend @ 30% (Rs 3/- per equity share of the value of Rs 10/-) (free of tax).

Authorized the Board to borrow such sum or sums of monies in any manner from time to time with or without security and upon such terms and conditions as the Board may think fit, notwithstanding that monies to be borrowed together with monies borrowed by the company (apart from temporary loan obtained from the Company’s 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 reserves not set apart for any specific purpose) provided that the total amount so borrowed by the Board of Directors and outstanding at any time, shall not exceed the sum of Rs 750 crores, subject to necessary provisions & approvals.

Authorized the Board to create mortgage and / or charge by way of first and second charge on all the immovable and / or movable properties of the Company, wherever situate, both present and future and / or conferring power to enter upon and to take possession of assets and the whole of the undertaking together with power to takeover the management of the business or concern of the Company in certain events in favour of the Financial Institutions, NBFCs, Lenders and / or Banks to secure the borrowings in form of the Rupee Term Loans, Corporate Loans, Foreign Currency Loans, Non-convertible Debentures and / or Working Capital limits and any other form of loan of whatever nature for an amount not exceeding Rs 750 Crores together with interest thereon at the respective agreed rates, compound interest, additional interest, liquidated damages, premia on prepayment or on redemption, costs, charges, expenses and other monies and remuneration of Trustees, if any, payable by the Company in terms of the loan agreement / Trust Deed / other documents to be finalized and executed between the Company and the Agents and Trustees / Trustees / Lenders as above and containing such specific terms and conditions and covenants in respect of enforcement of security as may be stipulated in that behalf and agreed to between the Board of Directors and the Lenders / Agents and Trustees, subject to necessary provisions & approvals.

Source : Equity Bulls

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