Winsome Yarns AGM approves Re.0.50 dividend

Winsome Yarns Ltd has announced that the members at the 16th Annual General Meeting (AGM) of the Company held on September 28, 2006, inter alia, have approved the declaration a dividend @ Re 0.50 per equity share to the equity shareholders of the Company for the year ended on March 31, 2006.

Commencement of the business specified in Clause 8 of Object Clause of the Memorandum of Association of the Company.

Authority to the Board to mortgage and/or create charge on all immovable and movable properties of the Company wheresoever situated, both present and future and the whole or substantially the whole of the undertaking or undertakings of the Company by way of first charge in favour of Financial Institutions and/or Banks for securing term loans granted/ to be granted by them ranking pari-passu with the existing first mortgages/charges created by the Company in favour of Financial Institutions and Banks for securing term loans and by way of second charge in favour of Ranks for securing working capital facilities including non fund based limits availed by the Company ranking pari-passu with the existing second charge created by the Company in favour of Banks for securing working capital facilities including non fund based limits together with interest, costs, charges expenses and other moneys payable by the Company to the Financial Institutions/Banks and/or conferring power to enter upon and take possession of the assets of the Company in certain events to or in favour of the Financial Institutions/Banks, subject to necessary provisions & approvals.

Authority to the Board to borrow any sum or sums of money from time to time notwithstanding that the money to be borrowed together with the money 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 any free reserves, that is to say, reserves not set apart for any specific purposes, provided however, the total amount upto which the money may be borrowed by the Board of Directors and outstandings at any time shall not exceed Rs 500.00 Crores, subject to necessary provisions & approvals.

Authority to the Board to offer, issue and allot in one or more tranches, in the course of domestic/ international offerings, debentures whether partly/ fully convertible and/or securities linked to ordinary shares and/or rupees/ foreign currency convertible bonds and/or ordinary shares through depository receipts and/or bonds with share warrants attached (Securities), secured or unsecured for cash, so however that the total amount to be raise through the aforesaid Securities including premium, if any, shall not exceed Rs 100 crores, or its equivalent in one or more currencies, subject to necessary provisions & approvals.

Source : Equity Bulls

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