Patspin India AGM approves 8% dividend

Patspin India Ltd has announced that the members at the 15th Annual General Meeting (AGM) of the Company held on July 28, 2006, inter alia, have approved the declaration of dividend @ 8% on Paid-up Equity Share Capital of the Company as on March 31, 2006.

Authority to the Board for borrowing for and on behalf of the Company monies in any manner from time to time and without prejudice to the generality thereof by way of loans, advances, credits, acceptance of deposits, banking and financial facilities, bonds or otherwise from any bank or banks or any financial institution(s) or other person or persons situated in India or abroad and whether the same be unsecured or secured and if secured whether by way of mortgage, charge, hypothecation, pledge or otherwise in any way whatsoever on, over or in respect of all or any of the Company’s assets, effects and properties including uncalled capital, stock-in-trade (including raw materials, stores, parts and components in stock or in transit) notwithstanding that the monies so borrowed, together with the monies, if any, already borrowed by the Company (apart from temporary loans 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 to say, reserves not set apart for any specific purpose provided that the total amount which may be so borrowed by the Board of Directors and outstanding at any time shall not exceed Rs 200 Crores, subject to necessary provisions & approvals.

Authority to the Board for mortgaging and / or charging by the Board / Committee of Directors of the Company of all the Immovable properties and movable fixed assets of the Company, excluding assets on which exclusive charge was given and, hypothecation of all movable properties of the Company subject to prior charges in favour of bankers for Working Capital, where so ever situate, present and future, and of conferring power to enter upon and to take possession of assets of the Company in certain events, to or in favour of Export-Import Bank of India (EXIM Bank) and Central Bank of India (CBI) to secure on Pari Passu First Charge basis;

a. Rupee Term loan of Rs 300 lacs and Rs 500 lacs, aggregating to Rs 800 lacs, under Technology Upgradation Fund Scheme lent and advanced by EXIM Bank to the Company.

b. Rupee Term loan of Rs 512 lacs under Technology Upgradation Fund Scheme lent and advanced by CBI to the Company and to secure on pari passu second charge basis:

a. Additional Working Capital facilities aggregating Rs 200 lacs lent and advanced by Central Bank of India (CBI), to the Company.

b. Additional Working Capital facilities aggregating Rs 115 lacs lent and advanced by State Bank of India (SBI), to the Company.

c. Additional Working Capital facilities aggregating Rs 150 lacs lent and advanced by State Bank of Travancore (SBT), to the Company.

d. Working Capital facilities aggregating Rs 300 Lacs lent and advanced by IDBI Ltd (IDBI Bank), to the Company.

8. Alteration in the object clause of Memorandum of Association of the Company by the incorporation of the new sub-clause 46 of clause III(C) thereof.

9. Authority to the Board for commencing and undertaking all or any of the businesses specified in the sub-clauses 1 to 46 (including newly introduced sub-clause 46) of the Other Objects of the Company specified in the Memorandum of Association of the Company as and when deemed fit.

Source : Equity Bulls

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