Uniply Industries AGM approves dividend, to enter into power

Uniply Industries Ltd has announced that the members at the 10th Annual General Meeting (AGM) of the Company held on September 15, 2006, inter alia, have approved the following:

1. Declaration of dividend @ 10% on pro-rate basis for the financial year ended March 31, 2006.

2. Authority to the Board to borrow from time to time all such sum(s) of money(s) as the Directors may deem requisite for the purposes of the business of the Company notwithstanding that the money(s) to be borrowed together with the money(s) already borrowed by the Company (apart from temporary loans obtained from the Company's Bankers in the Ordinary Courses of Business) will exceed the aggregate of paid up capital and the free reserves that the total amount shall not exceed the sum of Rs 300 crores at any point of time, subject to necessary provisions & conditions.

3. (A) Aemnded the object clause of the memorandum of association be and is hereby altered by adding the following as Serial no. (i) & (ii), to the sub clause A of clause III ("main object of the Company to be pursued by the Company on its incorporation are:") of the Memorandum of Association of the Company,

(i) To generate hydro, thermal, wind, sea, solar, nuclear, gas base and all other types of power and to distribute, sale, purchase power and electricity for industrial, domestic,. commercial purposes and to manufacture, sale, purchase, import, export and otherwise deal in the equipments required for setting up all types of power generation and distribution units and to deal in such equipments and to render consultancy services in all the above mentioned areas.

(ii) To carry on the business of farming, agriculture, cultivation of kinds of herbs, plants and trees etc. and to promote, undertake and carry out all agricultural activities including creating infrastructure and facilities, plant and crop management, consultancy services, nursery, gene bank etc. and related research and development works, buy, sale, export, import or otherwise deal in the agricultural and allied produce, residuals, wastes, bye-product and for the purpose to own, deal and dispose in lands, estates, gardens, forests and farms of any nature.

b. Shifting of Registered Office of the Company from Kilpauk, Chennai to Kanchipuram Dist., Tamil Nadu, subject to necessary provisions & conditions.

Source : Equity Bulls

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