Arvind Mills AGM approves enhanced borrowing powers, 10% dividend

Arvind Mills Ltd has announced that the members at the Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have approved the declaration of dividend at the rate of Re 1.00 per Share, on fully paid up Equity Shares of Rs 10/- for the year ended March 31, 2006.

The interim dividend on 6% Redeemable Cumulative Non Convertible Preference Shares of Rs 100/- each having already been paid to the Preference Shareholders of the Company for the year 2005-06, be treated as final dividend for the year ending on March 31, 2006.

Authority to Board to borrow any sum or sums of money (including non fund based facilities) from time to time at their discretion, for the purpose of the business of the Company, from any one or more Banks, Financial Institutions and other persons, firms, bodies corporate, notwithstanding that the monies to be borrowed together with the monies already borrowed by the Company (apart from temporary loans obtained from the Company’s Bankers in the ordinary course of business) may, at any time, exceed upto a sum of Rs 3000 crores over and above the aggregate of the then paid up capital of the Company and its free reserves (that is to say reserves not set apart from any specific purpose) and that the Board of Directors be and is hereby empowered and authorised to arrange or fix the terms and conditions of all such monies to be borrowed from time to time as to interest, repayment, security or other-wise as may, in their absolute discretion, think fit, subject to necessary provisions & approvals.

Authority to the Board to mortgage and / or charge, in addition to the mortgages / charges created / to be created by the Company, in such form and manner and with such ranking and at such time and on such terms as the Board may determine, on all or any of the moveable and / or immovable properties of the Company, both present and future and / or the whole or any part of the undertaking(s) of the Company together with the power to take over the management of the business and concern of the Company in certain events of default, in favour of the Lender(s), Agent(s) and Trustee / Trustee(s), for securing the borrowings availed / to be availed by the, Company by way of loan(s) (in foreign currency and / or rupee currency) and Securities (comprising fully / partly Convertible Debentures and / or Non Convertible debentures with or without detachable or non detachable Warrants and / or secured premium not and / or floating rates notes / bonds or other debit instruments), issued / to be issued by the Company, from time to time, subject to the limits approved under Section 293(1)(d) of the Companies Act, 1956, together with interest at the respective agreed rates, additional interest, compound interest in case of default, accumulated interest, liquidated damages, commitment charges, premia on prepayment, remuneration of the Agent(s) / Trustees, premium (if any) on redemption, all other costs, charges and expenses, including any increase as a result of devaluation / revaluation / fluctuation in the rates of exchange and all other monies payable by the Company in terms of the Loan Agreement(s) / Heads of Agreement(s), Debenture Trust Deed(s) or any other document, entered into / to be entered into between the Company and the Lender(s) / Agent(s) and Trustee Trustee(s), in respect of the said loans / borrowings / debentures and containing such specific terms and conditions and covenants in respect of enforcement of security as may be stipulated in that behalf and agreed to between he Board of Directors or Committee thereof and the Lender(s) / Agent(s) and Trustee/ Trustee(s), subject to necessary provision & approvals.

Source : Equity Bulls

Keywords