Indo Asian Fusegear AGM approves increase in borrowing power

Indo Asian Fusegear Ltd has announced that the members at the 17th Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have approved the declaration of the preference dividend @ 10% on 10,00,000 Preference shares of Rs 10/- each for the year 2004-05 and paid to Heinrich Kopp A G Germany.

The Borrowing Powers of the Board of Directors pursuant to Section 293(1)(d) of the companies Act, 1956 to borrow upto an amount extent of Rs 100 crores.

Creation of mortgage, charge and / or hypothecation on moveable and immovable properties of the Company under Section 293(1)(a) of the Companies Act, 1956, for securing financial assistance from financial institutions, investment institutions, banks, mutual funds, trusts and other body corporates.

Source : Equity Bulls

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