Sarup Tanneries AGM approves Rs.1.20 dividend, increase borrowing powers

Sarup Tanneries Ltd has announced that the members at the 27th Annual General Meeting (AGM) of the Company held on September 29, 2006, inter alia, have approved the declaration of dividend @ Rs 1.20 per equity share to the equity shareholders of the Company for the year ended March 31, 2006.

Alteration in the Part C Clause III containing the "Other Objects" of the Memorandum of Association of the Company by inserting the sub-clauses no. 6-8 immediately after the existing sub-clause no. 5.

Authority to the Board of Directors of the Company borrowing from time to time all such sums of money as they may deem requisite for the purpose of the business of the Company notwithstanding that money to be borrowed together with money already borrowed by the Company (apart from temporary loans obtained from the Company's Bankers in the ordinary course of business) will exceed the aggregate of the paid up capital of the Company and its free reserves, that is to say, reserves not so set apart for any specific purpose, provided that the total amount up to which money may be borrowed by the Board of Directors shall not exceed the aggregate of the paid up capital and free reserves of the Company by more than the sum of Rs 100 Crores at any one time, subject to necessary provisions & approvals.

Authority to the Board of Directors of the Company for mortgaging and / or charging in any manner whatsoever of all movables and immovable properties of the Company wheresoever situated, present or future and the whole of the undertaking of the Company, for borrowing of a sum not exceeding Rs 100 Crore outstanding at any one time as loans from Banks, Financial Institutions or elsewhere or from issuing of Debentures, Promissory notes, Bonds, Commercial Papers, subject to necessary provisions & approvals.

Source : Equity Bulls

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