Bajaj Electricals declares 60% dividend

Bajaj Electricals Ltd has announced that the members at the 67th Annual General Meeting (AGM) of the Company held on July 27, 2006, inter alia, have accorded to the following:

1. Adoption of the Audited Balance Sheet as at March 31, 2006, and the Profit & Loss Account for the year ended March 31, 2006, and the Directors’ Report and Auditors’ Report thereon.

2. Dividend @ 10% per annum on Cumulative Redeemable Non-Participating Preference Shares of Rs 10/- each on pro-rata basis, paid by the Board of Directors as interim dividend be declared as final dividend on the said Preference Shares for the year ended March 31, 2006.

3. Declaration and payment of dividend @ 60% on Equity Shares of Rs 10/- each.

4. Re-appointment of Shri Harsh Vardhan Goenka and Shri Madhur Bajaj as Directors of the Company.

5. Re-appointment of Messrs Dalal & Shah, Chartered Accountants, Mumbai, as Auditors of the Company to hold office from the conclusion of this Annual General Meeting until the conclusion of the next Annual General Meeting on remuneration, terms and conditions.

6. Appointment of Dr Indu Shahani and Shri Anant Bajaj as Directors of the Company.

7. Appointment of Shri Anant Bajaj, as Director and Executive Director in the whole-time employment of the Company with effect from February 01, 2006 for a period of five years on remuneration, terms and conditions.

8. Payment and Distribution of commission on the net profits of the Company, computed in the manner prescribed in Section 309(5) of the Companies Act, 1956, for each of the five financial years commencing from April 01, 2006, amongst the Non-Executive Directors of the Company or some or any of them, in such amounts or proportions and in such manner as may be decided by the Board of Directors.

Source : Equity Bulls

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