Nahar Industrial AGM approves 10% dividend

Nahar Industrial Enterprises Ltd has announced that the members at the 22nd Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have approved the declaration of Dividend @ 10% on equity shares, as recommended by the board of directors of the company.

The authorised Share Capital of Rs 65,00,00,000/- has been re-classified as 6,50,00,000 equity shares of Rs 10/- each.

Authority to Board to contribute and subscribe in any financial year on behalf of the company to Oswal Foundation, a Society under the Societies Registration Act, 1860 for charitable and other philanthropic objects as proposed in the resolution.

Authority to Board to create mortgage / charge in favour of consortium of banks / banks / financial institutions / overseas institutions / foreign banks etc. for securing them in respect of various working capital facilities / rupee term loans / foreign currency loans / any other financial assistance etc. on all or any of the movable and immovable properties both present and future up to an amount of Rs 2000 crores.

Authority to Board for borrowing from time to time, the maximum amount of money borrowed shall not at any time exceed the limit of Rs 2000 crores.

Source : Equity Bulls

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