Gujarat Foils AGM approves increase in borrowing power

Gujarat Foils Ltd has announced that the members at the Annual General Meeting (AGM) of the Company held on September 30, 2006, inter alia, have accorded to the following:

1. Authority to Board to create mortgage and / or charge on the immovable and movable properties of the Company wherever situate, present & future and the whole or part of the undertaking of the Company to or in favour of Banks and Financial Institutions or any other Lenders for securing the amounts lent by them together with the interest, commitment charges or such other charges payable by the Company, however subject to the conditions that the limits shall not exceed Rs 100 crores, subject to necessary provisions & approvals.

2. Authority to Board to borrow any sum or sums of money from time to time notwithstanding that the money or 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 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, however, that the total amount so borrowed shall not exceed Rs 100 crores, subject to necessary provisions & approvals.

Source : Equity Bulls

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