Sharyans Resources AGM approves 15% dividend, to enhance FII limit

Sharyans Resources Ltd has announced that the members at the 24th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have approved the declaration of dividend of 15% for the financial year 2005-06 on the paid up equity share capital of the Company.

Authority to the Board of Directors to enable them to borrow monies, which could be likely to exceed the aggregate of the paid-up capital of the Company and its Free Reserves upto a maximum limit of Rs 500 crores, subject to necessary provisions & approvals.

Resolution for Approval for charging/mortgaging the properties of the Company had been cancelled and withdrawn and would be transacted by way of obtaining members consent by Postal Ballot in due course of time, in due compliance of Section 192A of the Companies Act, 1956 read with The Companies (Passing of the resolution by Postal Ballot) Rules 2001, instead of transacting at this Annual General Meeting.

Enhancement in the FII limit for investment under the Portfolio Investment Scheme from the existing limit of 24% to 49% as per the Portfolio Investment Scheme formulated by the Reserve Bank of India under the Foreign Exchange Management Act, 1999.

Source : Equity Bulls

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