Transpek Industry AGM approves increase in borrowing limit, Rs.2.5 dividend

Transpek Industry Ltd has announced that the members at the 40th Annual General Meeting (AGM) of the Company held on August 24, 2006, inter alia, have approved the declaration of Dividend at the rate of Rs 2.50 per equity share for the year ended March 31, 2006.

Authority to the Board for the creation, from time to time, by the Board of such mortgages, charges and hypothecations (in addition to the mortgages / charges / hypothecations already created) in such form and manner and with such ranking as to priority and on such terms as the Board may determine, on all or any of the movable 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 financial institutions / banks / other lenders / trustees for the holders of debentures / bonds / other instruments issued / to be issued by the Company from time to time for securing the borrowings availed / to be availed by the Company by way of loan(s) (in foreign currency and / or Indian rupee currency) 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 moneys payable by the Company in terms of the Loan 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) / 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 the Board and the Lender(s) / Agent(s) / Trustee(s), subject to necessary provisions & approvals.

Source : Equity Bulls

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