Pidilite Industries AGM approves 125% dividend

Pidilite Industries Ltd has announced that the members at the 37th Annual General Meeting (AGM) of the Company held on August 08, 2006, inter alia, have accorded to the following:

1. Adoption of the audited Balance Sheet as at March 31, 2006, the Profit and Loss Account and Cash Flow Statement for the year ended on that date together with Directors´ Report and Auditors Report thereon.

2. Declaration of dividend @ 125% for the year ended March 31, 2006 on Equity Shares of Re 1 each.

3. Re-appointment of Shri R M Gandhi, Shri H K Parekh, Shri Bansi S Mehta & Shri Ranjan Kapur, as Directors of the Company, liable to retire by rotation.

4. Re-appointment of M/s Haribhakti & Co., Chartered Accountants, Mumbai, as Auditors of the Company to audit the accounts for the financial year 2006-2007 and also to carry out audit of Company´s Branches / Depots / C&F Depots from the conclusion of this meeting until the conclusion of the next Annual General Meeting of the Company on remuneration, terms & conditions.

5. Authority to Board to contribute on behalf of the Company to charitable and other funds not directly relating to the business of the Company or the welfare of its employees, any amount the aggregate of which will in any financial year exceed Rs 50,000 or 5% of the Company´s average net profits as determined in accordance with the provisions of Sections 349 and 350 of the said Act, during the three financial years immediately preceding subject to the maximum of Rs 10 Crore or 5% of the Company´s average net profits determined as aforesaid, whichever is greater, subject to necessary provisions & approvals.

6. Appointment of Shri Sanket Parekh as a Marketing Manager in Pidilite USA, Inc., a Subsidiary of the Company (or any other designation which the Board of Directors of Pidilite USA, Inc. may decide from time to time) w.e.f. August 01, 2006, on remuneration, terms & conditions.

Source : Equity Bulls

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